According to T V Mohandas Pai, partner at Aarin Capital and former CFO of Infosys, despite Finance Minister Nirmala Sitharaman mentioning the word startup nearly a dozen times in her speech while presenting the Union Budget 2023-24, the Budget once again ignored startups and failed to address the key issues of the Indian startup ecosystem.
With the exception of a few announcements, such as the relaxation of startup eligibility for carrying forward losses and the extension of the incorporation date for startups to receive tax benefits, Budget 2023 reversed course by bringing foreign investors under the ambit of angel tax. However, Pai hailed the overall Budget 2023, calling it “remarkable”. He praised the Budget for emphasising improving the standard of living for all Indians and increasing infrastructure spending.
