'Budget paved the way for India’s startup ecosystem'

'Budget paved the way for India’s startup ecosystem'

Vishal Gondal, CEO and Founder GOQii

The Budget 2019 is paving the way for a brighter future for India’s startup ecosystem with easing the angel tax, ensuring more entrepreneurs jump in to the startup bandwagon. The idea to have a separate channel for startups under the aegis of Doordarshan will disseminate critical information in the industry on a real-time basis to budding entrepreneurs in the tier II and III markets particularly, enabling these entrepreneurs to help realise the Government of India’s vision of becoming a USD $3 trillion economy this year.

Also, since inception, GOQii has supported the ‘Make in India’ movement and has been persistent in making India a healthier nation through our evolving preventive healthcare offerings and initiatives. The Government of India’s commitment to expand Khelo India scheme for the development of sports and sportsperson is a welcome move; it will encourage more Indians to take up sports and be the torchbearers of health and fitness.

Also, the insur-tech industry will benefit as now 100% FDI will  be permitted for insurance intermediaries in India, which will help the insurance market grow. As per recent EY’s Global Insurance Trends Analysis 2018, $2.3 billion has been invested into insurtech startups, representing over 45 percent of insurance investments spanning 2012-17. Insurers are using technology that assesses health risks and for diagnostics. This technological developments along with assistance from AI and ML will make insurance and technology weave a better and more informed future for healthcare and smart preventive healthcare.

The author is the CEO and Founder of GOQii.