Budget 2021: Will the FM be able to help boost the pandemic-hit economy?

It is Budget day. Later today, Finance Minister Nirmala Sitharaman will present India’s first-ever paperless Budget, and we are ready.

Describing it as an ‘unprecedented’ Budget, Sitharaman said this would be one of the most crucial Budgets in modern India’s history as the country attempts to recover from the effects of the COVID-19 pandemic. 

After all, for the first time, the government is tasked with bolstering an economy when the demand for goods and services remains sluggish while tax collections remain a challenge.

Almost every sector has outlined their own expectations from the Budget, and it is to be seen whether the government can help boost the economy after what has been a difficult year, due to the economic slowdown, followed by the disruption caused by the COVID-19 pandemic.

While fintech entrepreneurs say that India’s pandemic-hit economy needs big-bang reforms to navigate its way out of its first recession in four decades, edtech startups want tax sops and a range of other reform measures to grow the online learning sector.

On the other hand, startup investors are looking forward to lower taxes, easing of regulations to encourage foreign investments, and more.

For a complete multimedia coverage of Budget 2021, visit YourStory's Budget 2021 page.

The Interview

With the IMF predicting that the Indian economy will grow at over 11 percent in 2021, in step with the findings of the Economic Survey of 2020-21, the Indian startup ecosystem is looking towards the Union Budget 2021 for the much-needed boost. This brings an increased focus on capital infusion into Indian startups and the provisions of making an exit without losing on tax exemptions.

Naganand Doraswamy, Founder and MD of Ideaspring Capital, and Rishabh Bharadwaj and Indruj Singh Rai, Partners at Khaitan and Co, discuss how taxation relaxations and flexible policies can shape India's growth trajectory.

Startup Spotlight

Agritech startup Agribazaar aims to empower India's small farmers using tech and data

Founded in 2016 in Delhi-NCR, Agribazaar has built an online platform to connect farmers, traders, banks, enterprises, and governments. It enables farmers to sell online by facilitating the logistics of delivering the products purchased to the buyer.

Editor’s Pick: Budget 2021

What India Inc hopes from ‘unprecedented’ Union Budget 2021

Finance Minister Nirmala Sitharaman will present India's first post-COVID-19 Union Budget as everyone — from manufacturers, small businesses, VCs to startup founders — look towards the government to boost demand and take the country out of the economic slump induced by the coronavirus pandemic. Indian business leaders, entrepreneurs, investors, and stakeholders from across the startup ecosystem tell YourStory what they expect from the Union Budget 2021.

News & Updates

• Flipkart-owned online fashion and beauty marketplace Myntra has decided to change its logo after a Mumbai-based activist filed a complaint, alleging that Myntra's logo was “insulting and offensive” towards women.
• Reliance Jio and HDFC Bank feature among the world's 'Top 25 Strongest Brands,' with Jio making it to the coveted top five. The venerable Tata Group continued to be India's most valuable brand, as per global brand valuation consultancy Brand Finance.
• The Economic Survey was presented by FM Nirmala Sitharaman, which projected a contraction of 7.7 percent and a V-shaped recovery in the next fiscal. The GDP growth is seen expanding by 11 percent in April 2021 to March 2022.
• Google CEO Sundar Pichai announced on Twitter that the US-based tech giant is "providing more than $150 million to promote vaccine education and equitable distribution, and making it easier to find locally relevant information, including when and where to get the vaccine."

Before you go, stay inspired with… 

“‘Passion’ is a big word and a big motivator. If we truly own what we do and what we want to do, no one can stop us.”

— Yashika Keswani, Co-founder, Coolberg

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