'Steps needed to boost demand, improve biz atmosphere'

'Steps needed to boost demand, improve business atmosphere'

Kishore Ganji, a serial investor

"Technology enhancement is one of the most awaited reforms in the startup space. In order to build a better digital infrastructure, the government should make necessary amendments and decisions digital India. Technological advancements are imperative for the growth of startups and hence, there are huge expectations from the government to make momentous investments to support up-and-coming technologies such as machine learning, artificial intelligence and the internet of things etc.

As for monetary supports, SIDBI Fund of Funds, plays a very important role in supporting the VC industry in India. Therefore, startup investments should receive budgetary support from the government. In the past years the support has not been as expected. There also needs to be clarity in tax compliance required by both, startups and investors since this continues to be a matter of great concern in the startup ecosystem"

Naveen Goyal, CEO, Adda52 - India's largest poker website

"Technological enhancement in the online gaming industry is imperative. In order to build a better digital infrastructure, the government should make necessary amendments and push for 'Digital India' program. While the reach of smartphones, mobile connectivity and internet is continuously growing, a lot of effort is still needed in improving the quality of the same. In a multi-player game like poker where users are connected from various parts of the country, it is important that there is interruption-less gaming. Investment should also be made in upcoming technologies such as machine learning, artificial intelligence and the internet of things." 

Mr Amaresh Ojha, CEO & Founder, Gympik

"To make India fit, the upcoming Union Budget may consider offering extended tax benefits on fitness services to incentivize Indians to live an active & fitter lifestyle. In line with the government’s #HumFitTohIndiaFit’ initiative, there must an increase in the medical reimbursement tax exemption limit under section 80D to include expenses on fitness services such as memberships to gyms, yoga centres, fitness studios, etc to make fitness affordable for all. 

It is also important that the tax component on commercially run fitness institutes be revisited in Union Budget this year, to remove the disparities in traditional healthcare."

Mr Sankalp Chopra, CEO & Co- Founder of Aelius Parallel Holding Private Limited

"We currently see low consumer confidence in the Indian market which is hampering the consumer spending and in-turn has an impact on the business inland. Government must realize that without a revival in consumer demand, investor sentiments which is at its lowest in six years, is not going to improve.

We need manufacturing revival in Indian amidst US-China trade wars. Countries like Vietnam & Bangladesh are racing ahead. African countries, too, are making manufacturing a top priority. Ethiopia alone has opened nearly a dozen industrial parks in recent years and set up a world-class government agency to attract foreign investment. This is yet to happen in India despite availability of talent/skill & budding entrepreneurs who are ready to move. We in India, must relook at our overconfidence that investors will come simply because of the large population. Attractive corporate tax structure /single window clearance /better infrastructure is required urgently in India to leapfrog as a manufacturing & sourcing hub. Steady power supplies to efficient port operations and customs clearance are just a few of the things. Ease of availability of capital is the key to boost growth.

The Government in budget may look for a more progressive taxation policy, incentivize loans and facilitate ease of doing business for small firms and startups, which could drive job creation in the economy."

Mr. Ayush Goyal, CEO & Founder, ExpertRight.com

"Easing of tax compliance for startups can encourage better cash flow. Liquidity is one of the most important factors for startups to develop so that they can reinvest and grow to become sustainable.

Simpler tax compliance will boost the success rate for startups as it will aid them in a better cash flow to test their model and diversify and expand at the initial stage without grants/funding. This will ultimately give them better growth graph and more financial support in the future.

Additionally, I am hopeful that the GST filing process will be simplified. While the GST council has taken several measures on the simplification of the process, there are still several issues specifically on the matching of B2B invoices and updating information on tax returns. Once these issues are addressed it will bring accuracy and ease in filing of ITR."

Pankaj Khanna, MD & Founder, Gem Selections

"The Gems and jewellery sector is facing certain problems to a great extent for years like- shrinking of credit from financial institutions, increased pressure from tax authorities and a fear of recession in general public leading to decrease in demand as it is not an essential item. A lot needs to be done about the availability of credit, especially to the Gems & Jewellery industry so that the business grows and exports also be on rising trend.

The tax structure and its implementation should become simple while on the contrary, we find that the working of tax laws are becoming more and more time consuming and thus, costly.

There is a structural shift as well as slow down in general consumer demand in the Indian economy. The aggregate demand is reducing due to various reasons. This has led to a fear among investors and general business people due to which they are either postponing their investment decisions or simply putting them in a bin.

At this age, the government has a very vital role to play. It should take immediate and conclusive steps to improve the aggregate consumer demands and simultaneously work on giving a more conclusive business atmosphere so that investor and business man is not afraid to invest or the contrary be buoyant to invest and look forward to rising revenues and profits."

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