Post Budget reaction from a Pune based tech startup SpiderG

Ashwani Rathore, CEO and Co-Founder, SpiderG said:

“This union budget is well balanced and perfectly linked with the vision of prime Minister’s ‘Startup India Standup India’ campaign with 100% deduction on profit for startups for 3 out of five years. This exemption will reduce compliance burden and cash outflows. The decision of allotting 500 crores for Startup segment is a welcome move which will encourage entrepreneurship in coming years.

Capital gains tax exemption on investments and lowering the period from 3 years to 2 years for definition of long term Capital Gains in unlisted companies will pave way for new angel investors to invest in startups. With this initiative there will be growing funding support for startups in coming years.

Entrepreneurship learning through (Massive Open Online Course) MOOCS will provide access to educational resources across the country. The one day registration process for start-ups will also help the eco system to grow. These positive moves will spark a new energy in the startup sector which is expected to raise US $700 million and will generate around 5000 jobs in the next 12 months.”



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