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Women Inc's Budget wishlist: Tax relief for new businesses, facilitating startup economy

The shepreneurs hope to see reforms in education, startup and fintech industry.

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Last Updated: Jan 23, 2020, 06.13 PM IST
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The Women Inc has a few suggestion that can help boost India's economy.
NEW DELHI: The common man has his eyes set on Finance Minister Nirmala Sitharaman's second Budget on February 1 for various policies that will help the country's economic out of a slump.

The Women Inc from varous fields like education, co-working space, media and entertainment and fintech has a few suggestion that can help boost India's economy. The shepreneurs feel income tax benefit, empowering budding entrepreneurs, introducing education reforms and

They are confident that restructuring compliances for new businesses and introducing financial sector safety nets will go a long way.

Akshita Gupta, Co-Founder and CMO, ABL Workspaces

Agencies
Akshita Gupta feels TDS should be 2% for coworking sector​.
Akshita Gupta feels TDS should be 2% for coworking sector.

“Compliances for start-ups is a major concern. Most young entrepreneurs, with conviction in their ideas, jump into the business blindly, later realising the amount of efforts that goes into putting together monthly GST returns, TDS filings, PF, ESI, etc, along with that different mandatory audits is a real focus diverter. Entrepreneurs need to focus on their core area of expertise and only restructuring compliances can enable that. Start-ups need more support in indirect taxes. Thus, we feel TDS should be 2% for co-working sector as the spaces are on rent and overall margins of coworking operators in most cases are less than 10%.”

Paroma Chatterjee, Chief Business Officer, Lendingkart

Agencies
Paroma Chatterjee
Paroma Chatterjee feels any incentive to boost the adoption of fintech by the MSME and SME segment would be a welcome mov

“We have welcomed the Government’s moves towards positive developments aimed at the fintech industry in the past including a number of reforms, policies and critical factors. This year as well, we are looking forward to continued encouragement and introduction of further specific measures from the Government to support the NBFC sector in its effort to enhance financial inclusion. India’s thriving ecosystem of SMEs and MSMEs fuel the growth of the country, and leverage technology effectively. Hence, any incentive to boost the adoption of fintech by the MSME and SME segment would be a welcome move - to enable them getting easy access to banking and financial services."


Karishmma V Mangal, Director and Trutee, Thakur International School, Cambridge

“The education sector featured prominently in FM Nirmala Sitharaman's maiden Budget in 2019 which was quite encouraging. I believe that further reforms in the education policies in the 2020 Budget will be favourable for the sector. To support and strengthen Indian education, initiatives, schemes, and policies should be implemented that will promote India as an emerging global education hub and improve the overall quality of education within the country.

"I support the highlight and landmark development of the 2019 Budget which was the introduction of the New National Education Policy. However, I hope in 2020, the Government will strive to bring about critical changes by addressing certain pain points including research and innovation, global visibility, quality faculty, and technology.

Agencies
​Karishmma V Mangal​​ feels subsidising education loans is also the need of the hour​.
Karishmma V Mangal feels subsidising education loans is also the need of the hour.

"Most education entrepreneurs hope that the scope of higher education in India will be radically reformed. I believe that the idea should be to focus on better academic outcomes.

"Rather than only focussing on imparting knowledge and learning to students, it’s high time we make them industry ready which is only possible by improving facilities in educational institutions by setting up smart classrooms and modern research facilities, and making artificial intelligence, robotics, augmented reality, virtual reality, and Internet of Things (IoT) a part of student learning programs.

"Besides reforms in the overall quality of education for students, faculty training should be made mandatory too. The country has roughly 8.5 million teachers and only 19,000 teacher training institutions. Teacher counselling programs should aim at training teachers to address the current learning needs of the students.
Lastly, subsidising education loans is also the need of the hour as the funds given by banks for students looking to study abroad is too low considering the cost of education.”

Malini Agarwal, Founder and Creative Director, MissMalini Entertainment

"This year, I suspect the overarching sentiment from all quarters will be for the Government to take steps to immediately stimulate the economy and reverse the current morass that hangs over the industry.

Agencies
​Malini Agarwal​ said the tax and regulatory environment need further reforms​.
Malini Agarwal said the tax and regulatory environment need further reforms.

"We often think of large, independent unicorn stories when we think of startups, but the reality is many small and medium-sized enterprises operate downstream as suppliers to larger corporates. Therefore, I’d like to see policies that reinvigorate widespread consumer demand and spending, which in turn trickles down to the startup economy.

"The most-anticipated proposal would be the introduction of new progressive income tax rates that puts money back into the wallets of everyday consumers, following the recently implemented corporate tax cuts that have yet to bear fruit. Without confidence in sustained, robust demand, corporations are unlikely to reinvest their tax savings and therefore the two must go hand-in-hand for the benefits to be felt.

"Aside from the demand for their services, startups need capital to build their enterprises. While VC activity has certainly grown in India, broader access to funds continues tightening as banks and NBFCs become more risk-averse. Many promising startups are unable to get off the ground due to simple working capital constraints. The government should introduce more financial sector safety nets to mitigate the crippling fear of bad loans, which would help loosen the purse strings.

"Lastly, the tax and regulatory environment need further reforms targeted specifically at startups. We have certainly seen some progress, perhaps most visibly on the angel tax issue. And yet too much of an entrepreneur’s time and focus is still spent ensuring they do not run afoul of regulatory compliances, which can be obscure and subject to frequent change. Entrepreneurs have enough to worry about building and scaling a business, and doubly-so in a softer economic climate. Therefore, any steps that would streamline compliances would free up a significant amount of entrepreneurial drive, talent, and energy which is exactly what we need right now."


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The Countdown Begins

17 Jan, 2020
It's that time of the year when all eyes are on the Finance Minister. Dalal Street, India Inc, tax-paying individuals, consumers, traders - almost everyone is looking at Nirmala Sitharaman with hope. This Budget, that comes in the wake of a slowdown, and muted consumer spending, is the first one that's being presented by the Narendra Modi government after storming back to power in the Lok Sabha elections last year. As the countdown begins, here's a look at what India Inc has on their wishlist from Ms Sitharaman this time.
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