Govt must focus on easing credit for SMEs, startups: Industry captains

Govt must focus on easing credit for SMEs, startups: Industry captains

Agency News

New Delhi, Jan 20: Hoping for a power-packed Budget, the Industry says the government should focus more on developing and easing the credit facilities for small and medium businesses, do more to incentivise investments in startups especially in the fintech sector in order to expedite financial inclusion.

Narayan Mahadevan, Founder, BridgeLabz - Platform bridging the talent gap and providing skilled engineers to startups and enterprise, said the government should provide support to various startups and firms that are currently engaged in helping the Indian youth become employable and face the challenges of that technology would bring in the future. He said, 'With the new Modi government coming in and this being the first Budget on Modi 2.0, it is important that the government sets a precedent by focussing on further increasing support for upskilling and reskilling of the youth.'

He said special focus and support for organizations which create an employable pool with experiential learning and industry-based live mentorship is imperative so that the ecosystem gap is reduced. 'We expect the Government to work towards education policies, and help incrementally changes within the engineering and IT sector by supporting organizations to bring about this change,' Mr Mahadevan stated. Ms Dipali Mathur Dayal, Co-Founder of Super Smelly - India’s only 100 per cent toxin-free brand for GenZ, said, 'With worries looming over slow economic growth of the country, my expectation this time is of a power-packed budget. I hope the budget works on two levels, one by driving consumption through steps like cuts in personal taxation, the abolishment of LTCG and second by enabling improvement in the bottom line of companies and by making credit available along with cheaper finance for small scale businesses and startups. GST requires heavy compliance from businesses, she said, adding that 'We hope the government reduces the compliance burden for at least the first three years if a business.'

Mr Vishal Gupta, CEO, and CO-Founder,, India’s largest user-generated content sharing platform for women, said as a growing startup that has achieved profitability, the challenge faced is around working capital. 'Anything that makes short-term borrowing easier such as bill discounting will definitely make it easier to grow the business at the pace we would like to,' she said. Mr Jatin Varma, Founder, Comic Con India, hoped the budget looks out for SMEs, especially in the events and entertainment industries, adding that 'if any infrastructure spends can also include spending on arenas or spaces for live events. This would go a long way in helping the industry.' UNI