Indian Startups Set High Hopes on Upcoming Union Budget 2024

Indian startups eagerly await Union Budget 2024, hoping for the removal of angel taxes and increased funding for health tech. Early-stage firms anticipate supportive measures to enhance innovation, job creation, and economic growth. Key figures in the startup ecosystem express their expectations amid a dynamic business landscape.

Indian startups are setting high expectations for this year's Union Budget, which is anticipated to provide significant boosts for early-age and health tech enterprises. These budding firms are looking forward to the elimination of angel taxes and increased sector-specific funding.

According to the Department for Promotion of Industry and Internal Trade (DPIIT), 1,17,254 startups have been recognized by December 2023, creating over 12.42 lakh direct jobs. Eklavya Gupta, CEO and Co-founder of Recur Club, emphasized the imminent digital transformation in India's business credit landscape, led by FinTechs deploying innovative technologies.

Voicing his expectations, Vinod K Singh of Concirrus called for the removal of the angel tax and a more streamlined duty structure to support capital formation and attract vital investments. Similarly, Rajiv Lamba of Surveysensum stressed the importance of technological inclusion and extensive investment in AI-based skill development to advance India's growth.

Additionally, Raja S of Hearzap highlighted the importance of increased funding for health tech startups to bring advanced healthcare solutions to underserved areas. With the Union Budget 2024 being tabled on July 23 by Finance Minister Nirmala Sitharaman, significant policy shifts are anticipated to rejuvenate the startup ecosystem.