Finance Minister Nirmala Sitharaman has definitely proposed some big plans for the development of whole nation, especially for the start ups and small scale business sector. From infrastructure to transport, every sector of development has got something in this budget. She has also said that estimated nominal GDP growth rate for this year would be 10 percent. She also added that wealth creators will be respected in this country and tax harassment will not be tolerated. This will help India to get one of the goals of SDG 2030.

The startup sector is happy with the budget and the announcements. Let’s see what their views are:

Wealth creating will be easy
Mr. Tim Nicolle, Founder, PrimaDollar, says, “The Finance Minister’s announcements under Union Budget 2020 introducing new schemes will help the small players in the export sector in a big way. The new Nirvik scheme introduces high insurance cover for exporters at a reduced premium. Simplified processes for faster claim settlements will be beneficial for both the exporters and the general insurers.It will lead to providing high insurance cover, reduction in premium for small exporters and simplified procedures for claim settlements,this will encourage export finance. This will boost exports. Coming to the MSMEs, the announcement for the subordinate debt for entrepreneurs is a big positive and will help the MSME sector benefit in a massive way. These seem to be sound measures that can stimulate profitable activities for players in the trade and finance sector.”

Data center parks are the great move

Photo courtesy: Entrackr

Mr. Pathik Shah, CEO of DB Digital (startup backed by the Dainik Bhaskar Group) says, “Promoting and building data center parks across India and improving connectivity through BharatNet seems like a great move forward – it would be great to leverage both to enable seamless interchange of data across local government bodies and also enabling access to it to private companies to build innovative applications leveraging that data – just like the data.gov initiative by the US government; and that could also help drive data localization forward – depending on the specifics. The way they should be structured should be very similar to UPI – making technology entrepreneurs from across India lead the strategy, architecture and execution of the network and making it open so anyone can plug in – from existing tech giants to startups.”