India Inc and startups laud Budget but await details
Finance Minister Nirmala Sitharaman’s Budget 2021 — regarded as one of the most critical in modern Indian history — was welcomed by India Inc and Indian startup ecosystem stakeholders, who hailed it as a growth-oriented Budget.
Experts lauded the Budget’s focus on rejuvenating capital spending in crucial sectors to fuel demand and accelerate India’s “economic reset,” in the wake of the devastating impact of the COVID-19 pandemic on consumer demand and growth.
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Still, the devil will be in the details and execution will be key, said India Inc business leaders and Indian ecosystem stakeholders.
Here are some key reactions from India Inc and the startup ecosystem:
For our complete coverage on Budget 2021, visit www.budget.yourstory.com
All eyes were focused on the Parliament as Finance Minister Nirmala Sitharaman presented the first post-COVID-19 Budget to revive the economy, and the stock markets responded well to the announcement, with Sensex zooming over 2,300 points. Siddarth Pai, Founding Partner, 3one4 Capital, attributes the positive feedback to no new taxes being introduced, which he says was the need of the hour.
Inside Flipkart’s big bet on small businesses and entrepreneurs
Online shopping and ecommerce have changed our buying habits, with the lockdown forcing many small businesses and MSMEs to get online. And Flipkart is working with several young and upcoming brands and retailers in the B2B and the B2C segment, offering them continual counsel and on-ground support, ensuring the coexistence of traditional and modern retail formats. Read more.
Many parents and students have to deal with pending school and tuition fees due to the unavailability of accessible financial assistance. To solve for that, Mumbai-based startup Eduvanz enables faster loan decisions, backed by transparent processes and student-centric policies. Read more.
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News & Updates
- The Indian government has allocated Rs 830 crore for the Fund of Funds for Startups in the Budget 2021, higher than the revised estimate of about Rs 430 crore. The government has set up the FFS with a corpus of Rs 10,000 crore.
- Early-stage VC BEENEXT has appointed Hero Choudhary as its Managing Partner. His promotion is part of BEENEXT’s regional plan aimed to help scale its portfolio of startups toward the growth stage of the startup journey.
- Free-to-play powerhouse of gaming studios Stillfront Group announced that it has acquired 100 percent of the shares of Moonfrog Labs Private Limited for an initial consideration of about $90 million on a cash and debt-free basis.
- NASA named Indian-American Bhavya Lal as the space agency’s acting chief of staff, stating Bhavya brings “extensive experience in engineering and space technology.” She will also assume responsibility as the senior adviser for budget and finance at NASA.
- 'Aatmanirbharta' — implying 'self-reliance' — has been named by Oxford Languages as its Hindi word of the year for 2020 as it "validated the day-to-day achievements of the countless Indians who dealt with and survived the perils of a pandemic."
Before you go, stay inspired with…
“We can keep talking about being the next innovation hub of the world but if we don’t invest enough resources it won’t happen.”