New Delhi, Feb 2 (KNN) Terming the union budget 2022-23 an incrementally good document, start-up industry is of the view that it could address some fundamental issues suggested by the industry.

Speaking exclusively with KNN India, Ashish Jain, CEO, The Startup Board said, “The budget was mixed for the start-ups and some of the few positive things are appreciated.”

However, non-voting shares were not announced in the budget, he said.

“Looks like there is more debate needed in the system to convince the government on it,” Jain opined.

“The Fund will aim at bringing innovative and affordable solutions for challenges faced by farmers, to transform the face of agriculture for farmer's productivity and improved efficiency,” he added.

Welcoming the positive announcement, he said to give fillip to Agri innovation, an Agriculture Accelerator Fund will be set-up in rural areas.

Voicing greater expectation fr0m the budget, Jain further explained that the industry expected announcement regarding Capital Gains tax on bringing the start-ups and IP, registered abroad, when they are doing majority of the business in India.

It is still disadvantageous vis-a-vis other countries and tax havens like Singapore, Dubai among others. 

“Overall, it is incrementally good, however, more for the start-ups could have been announced when they are contributing more than USD 74 billion to the Indian economy,” he said.

Moreover, start-ups have been given the benefit of carry forward of losses on change of shareholding of start-ups fr0m seven years of incorporation to ten years.  (KNN Bureau)