As Modi 3.0 Comes To Power, Here Is What Start-Ups Demand For

From the Viksit Bharat plans to the 100-day agenda of the Modi govt to the various schemes that have been launched recently, the start-up sector eagerly awaits for major policy changes as well as continued and enhanced support from the incoming govt.
As Modi 3.0 Comes To Power, Here Is What Start-Ups Demand For

Despite not being able to even touch the exit polls predictions of '400 paar', the BJP led NDA is about to come in power as the results took dramatic twists and turns. However, BJP karyakartas can be seen celebrating with full zeal outside the BJP headquarters in New Delhi, at around 9 pm, where the party has clean swept the previously ruling Aam Aadmi Party.

As the nation awaits the formation of a stable government in the coming days along with eyes on a full budget due this July, the start-up ecosystem is also looking forward to a strong 3rd term for the Narendra Modi led government.

The Indian start-up ecosystem, in the past 10 years, has become the 3rd largest ecosystems for start-ups globally. According to experts, the sector is mainly looking at support for startups in terms of policy reforms and enhancement in corporate governance.

Modi’s vision of Viksit Bharat@2047 is trending as experts expect the government to facilitate further expansion of the digital ecosystem while addressing key challenges such as policy frameworks, cybersecurity, financial literacy etc. “We are confident that the government’s focus on sustainable infrastructure development, large-scale skill enhancement, and bridging the gaps in digital connectivity will provide the impetus for businesses to grow,” Rishabh Goel, co-founder of Credgenics stated on Modi 3.0’s plans.

Read: General Elections 2024: Start-Ups Await Deep Tech Policy After Elections

The last quarter of Modi's second tenure saw crackdown on major fintech's. Keeping his views from the fintech sector, Bhuvan Rastogi, co-founder and COO of Per Annum stated that the incoming government has a lot of work to do when it comes to ensure that fintech start-ups can freely innovate and create products for the country.

Talking about the Small and Medium Enterprise (SMEs), Rikant Pittie, co-founder of Ease My Trip stated that the sector is expecting support in fast-tracking trade agreements with major markets like the UK and Europe, enhancing digitizaton in trade finance, and providing robust support through tax incentives, subsidies and easier access to credit.

The VC community emphasized that Modi govt’s 100-day “Viksit Bharat” vision should focus on incentivizing renewable energy investments, enhancing green infra and ensuring sustainable industrial practices, as these areas will be the govt’s focus in the start-up sector.

Talking about support for the ecosystem in terms of investments and capital, Pratekk Agarwaal, founder and general partner at GrowthCap Ventures said that the incoming government should prioritize policies that foster a conducive start-up ecosystem and attract domestic capital investments, as economic growth in the next decade is expected to largely stem from this sector.

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