Budget 2022 expectations: Startups require tech boost- check details inside

The Union Finance Minister Nirmala Sitharaman will present the Union Budget 2022-2023 on February 1. In the budget, the finance minister reveals all about the government's revenues and expenditure, the amount it will be allocating to various sectors for their development, schemes, and much more. Before the budget presentation several industry experts and leaders put forward their suggestions and expectations from the Union Budget, for the government's consideration.

Due to COVID-19 pandemic several sectors and industries have been adversely impacted and this has slowed the overall economic development of the country and even the world. Logistics sector and startups are among the sectors which will help India in achieving the USD 5 trillion economy by 2030. Therefore, it is important to focus on their development.

On his Budget 2022 expectations, Gaurav Mangla, CEO Pickrr said,"The year 2022 started positively, with our Prime Minister announcing a day dedicated to start-ups. Indian start-ups have played a vital role in the economy's growth, and this base continues to witness steady growth. With technology playing a crucial role in shaping the country's start-ups, the Union Budget 2022-23 should introduce start-up-friendly policies and tax relaxations to enable innovation and ease-of-doing-business and reduce compliance costs."

"We hope this year's budget will continue to deliver on the government's vision under Start-up India to focus on digitalization, favourable infrastructure development, and strengthening the ecosystem," he said.

Keeping his expectations from the Union Budget 2022 forward, Subodh Garg, CFO and Growth leader Pickrr said that he foresees new policies being introduced to help strengthen logistics-related infrastructure and rationalize the dwell time across all major ports and customs to expedite connectivity.

"With India aiming to be a $5 trillion economy by 2030, the logistics sector will be a crucial enabler in achieving this. According to the reports, currently, the Indian logistics sector contributes 14.4 percent to the country's GDP and incurs a cost of 14 percent of the GDP against the global average of approximately 8 percent," Garg said.

He added, "Keeping these numbers under consideration, we expect the focus of this year's budget to be growth-oriented for the supply chain industry. We foresee new policies being introduced to help strengthen logistics-related infrastructure and rationalize the dwell time across all major ports and customs to expedite connectivity."

Garg further said that the government should also make a concrete move on the National Logistics Policy as it will help positively impact the logistics industry. "While the previous two budgets had recognized the importance of technology in shaping the new India, we now anticipate opportunities and significant government efforts to recognize India as one of the world's preferred AI and SaaS attractions this year," he added.