As we transition from an underdeveloped nation to a developing nation to fast hurtling towards being a developed nation a lot has changed for us. The early 90s economic policies paved the path for a lot of entrepreneurs and structured the economy to what it is today. As a nation, India we never had to take a step back in economic progress in the last 35 years. Add to this today the Indian startup ecosystem is the third largest in the world. At present, as per reports we have over 1 lakh startups and 110 unicorns in the country out of which 50% of startups are from Tier II-III cities. This segment continues to play a pivotal role in India’s journey towards becoming a developed nation by 2047.
As we set an audacious goal of 1 million startups in the coming decade, there has to be more support to foster the entrepreneurial ecosystem so that they not only continue to add to the economy but also create employment and impact across all segments as they balance ease of doing business with the cost of doing business.
This year is going to be an election budget and I was hoping for some interesting decisions from the government in the lines of reduction of import duties, tax incentives and ease of regulatory hurdles in various start-up sectors. An ease in taxes to support this segment that is actively leading the Athmanirbhar Bharat movement finding a balance between globalisation and self-reliance will boost India’s global presence.
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