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The Union Finances reinforces the federal government’s ignorance of the startup ecosystem’s issues
Pricey Reader,
There was a glimmer of hope when the federal government kick-started the long-pending startup seed fund with a corpus of INR 945 Cr simply two days forward of this 12 months’s Union Finances. The ecosystem was duly thrilled after years of ready and hoping with each point out of startups in coverage bulletins. Founders and traders noticed it as a prelude to larger reforms, to be introduced forth by Finance Minister Nirmala Sitharaman when she would current a never-before funds on Feb 1.
However there was darkness at midday. The funds speech was replete with generic guarantees and there was nothing thrilling in it.
T.V. Mohandas Pai, former Infosys CFO and associate at Bengaluru-based VC fund Aarin Capital, was among the many few huge names from India Inc who expressed his disappointment with the 2021 Finances relating to startups. In response to him, the federal government has as soon as once more missed a chance to spice up the startup sector that’s flourishing by itself however wanted a light increase from the authorities.
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