BY RAJAT SINGHANIA
Founder of HyLyt by SocioRAC
Last year Covid has impacted most of the startups who have been struggling with revenue and cash flow and the government has provided much-needed initiatives for their growth. I am hopeful that the government would bring benefits to the startups this year too.
We also welcome the Startup India Action plan announced by PM Modi recently. The initiatives such as tax reliefs, self-certification compliance, rebate on filing a patent and simplifying patent regime are welcome steps.
Additionally, in the budget 2021 this year, we would expect the following –
• Last year startups have seen a decrease in lending by banks, so it would be great if the government relaxed norms in this regard.
• Reduction in GST rate would encourage the start-up sector to leverage professional services for business growth and get back on track with their operations.
• Policy towards data protection and privacy which is the need of the hour. The government is already working on it and early action would be an encouraging step.
• Priority clearances for Startups in case of regulatory requirements
• Specific initiatives to encourage govt and non govt entities to use the products and services of registered startups.