Union Budget Reaction Quotes from Industry leaders | GlobalBees, QuoDeck, Eloelo & LoveLocal
1. Nitin Agarwal, CEO, GlobalBees
This year’s Union Budget has a strong dose of reforms which will only fuel growth. The announcement to further improve the Ease of Doing Business reiterates this government’s vision of “minimum government, maximum governance”. We believe missions like these, along with a very sensible reduction in corporate tax surcharge from 12% to 7% are necessary for businesses to scale fast, generate viable revenues and create employment. Any reduction in compliances which has been proposed Budget 2022-23 is also a welcome move for entrepreneurs, the backbone of the Indian economy. The announcement that share sales of unlisted firms will be taxed at par with those of listed ones addresses a key concern of the startup community and will galvanise the sector.
2. Kamalika Bhattacharya, CEO & Co-Founder, QuoDeck TechnologiesThe move in this year’s Budget to link the Udyam, e-Shram, NCS and ASEEM portals and further widen their scope will help speed up the process of the formalisation of the Indian workforce, and enable skilling. The sharp focus on the MSME sector, which is a big employer of gig workforce and is a huge growth area for us will contribute even further to bringing benefits to India’s informal workforce. The extension of the ECLGS (Emergency Credit Line Guarantee Scheme) by one more year and the infusion of a proposed additional Rs.2 lakh crore for MSMEs under the Credit Guarantee Trust for Micro and Small Enterprises (CGTMSE) will further expand employment opportunities. The announcement to revamp the National Skill Qualification Framework to align with industry needs, as well as the setting up of DESH-Stack e-portal for skilling will help bridge the demand-supply gap and companies like QuoDeck look forward to contributing to this.
3. Saurabh Pandey, CEO & Co-Founder, Eloelo
We’re elated that Finance Minister Nirmala Sitharaman has made a special mention of the gaming sector in this year’s budget. The Honorable minister said that the animation, visual effects, gaming, and comic (AVGC) sector offers immense potential to employ youth. India is home to 420 million gamers, and the companies such as Eloelo provide a safe and trusted method to monetise this passion and help put India on the global gaming stage. The government’s decision to set up an AVGC promotion task force with all stakeholders to build domestic capacity for serving Indian markets as well as global demand will supercharge the growth of the ecosystem.
Eloelo is an innovative platform that blends live streaming with social gaming that helps creators monetize their passion.”
4. Akanksha Hazari, CEO, and Founder, LoveLocalWe at LoveLocal believe that MSMEs are core to our economy. They are one of the biggest job creators in our country are critical to India’s long term economic success. We support all governments initiative towards an Atmanirbhar Bharat and hope for more in the future.
