- Deep Tech Sector:
Mr. Sunil Shekhawat, CEO of SanchiConnect
What are your expectations from the DeepTech sector?
Until now, the focus has primarily been on academic and government institutions to promote and nurture startups. The private sector’s contribution has largely been confined to CSR spending, often directed through these same institutions. It is now imperative to consider special measures to facilitate operations for institutions that support startups beyond the scope of government grants. The Startup India initiative has been a tremendous success, positioning us as the world’s third-largest startup ecosystem. Recent trends highlight the qualitative advancements in solutions developed by our startups. Following the success of SaaS, DeepTech is set to further distinguish India in the global startup arena. We need more initiatives that provide our startups with opportunities to showcase their solutions on international platforms, standing shoulder to shoulder with their foreign counterparts. In recent years, we’ve made significant strides in simplifying startup operations, particularly regarding compliance frameworks. However, we still have room for improvement. The complexity of day-to-day compliance for startups is unique and cannot be compared to that of SMEs or established companies, necessitating substantial transformation to meet their specific needs.
- Interior Home Design:
Mr. Nishant Sinsinwar, Homie Studio & Projects Makers
The real estate sector is looking forward to proactive measures in the 2024 budget that can foster growth and sustainability. We hope to see a reduction in GST rates for construction materials, which would help lower the overall cost of building and, consequently, property prices. Furthermore, introducing a single-window clearance system for project approvals can drastically reduce project delays and boost investor confidence. Additionally, we advocate for policies that promote affordable housing, such as increasing the allocation of government-owned lands for affordable housing projects and reviving tax incentives for developers focusing on this segment. By implementing these measures, the government can help bridge the housing gap and support the sector’s recovery post-pandemic.
- Early Childhood Education:
Mr. Raj Singhal, Co-founder & CEO of Footprints Childcare
As India prepares for the Union Budget 2024, the childcare and education sector anticipates substantial reforms to enhance infrastructure and accessibility. We look forward to continued government emphasis on early childhood education, recognizing its critical role in shaping the future of our nation. Additionally, the focus on technology integration, vocational training, and teacher upskilling will align with the National Education Policy 2020, preparing our youth for the demands of Industry 4.0.
Childcare, being a vital cog for women’s participation in the workforce, requires multiple benefits from a tax perspective, such as lowering GST on childcare to 5% and allowing childcare expenses to be tax deductible. We hope for policies that support affordable childcare, improved educational facilities, and initiatives that close the skill gap, ensuring a robust foundation for India’s economic growth. These measures will not only foster greater employment opportunities but also contribute to the holistic development of our young population, essential for achieving a USD 5 trillion economy.