Post Budget Quote I Startup I Mr. Prodyut Bora, CEO, Bonphul Air Products Pvt Ltd - GADGETS & INNOVATIONS

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Monday, July 8, 2019

Post Budget Quote I Startup I Mr. Prodyut Bora, CEO, Bonphul Air Products Pvt Ltd



"Union Budget 2019 contains no major reforms for the start-up ecosystem. The budget speech didn’t quite cover any major reform directly related to start-up ecosystem. The budget lacked a few expected measures. We were hoping to see a positive action on the issue of Angel Tax which is a major concern and maybe there is some relief there. 


The budget 2019 states that start-ups in India are taking firm root and to resolve the angel tax issue, returns will not be subject to any scrutiny from the Income Tax department. Also start-ups and investors who file requisite declarations will not be subjected to any kind of scrutiny in respect of valuation of share premium.


Furthermore the Finance Minister Nirmala Sitharaman announced the government’s plan to launch an exclusive TV channel which will be started for start-ups. The channel is proposed to be started under Doordarshan bouquet to provide a platform for startups to disseminate information in the industry. Dedicated to start-ups, the channel will broadcast programmes aimed at inspiring start-ups across the country. It will be handled by start-ups themselves.


But I believe this is still not a major drive to stimulate growth in the economy."


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