Union Budgets are as much about a government’s vision as it is about earmarking public funds for the country’s future. As finance minister Nirmala Sitharaman gets ready to present her first budget tomorrow, the common man, as well as industry heads, will be watching intently for signals about what Modi 2.0 has in store for them.
The runup to budget has been a rocky one. From rising unemployment to flagging foreign investments, India’s growth story, which defied a global slowdown in the 2014-17 period has taken a few hits in the last year. In times when the private sector growth weakens, it is common practice for countries to loosen the state’s purse strings to kick-start the economy. But with the national fiscal deficit mounting, and borrowing programmes from the states sucking up most of the national household savings stocks, the Modi government does not have too much room to manoeuvre. For Sitharaman there will be no quick fixes.
The Indian Startup Ecosystem meanwhile will be looking for the government to walk the talk with this budget. Many industry watchers felt that the Piyush Goyal-helmed interim budget in February had glossed over their problems. This time Indian startup ecosystem stakeholders are voicing demands for more affirmative action from the government.
In the buildup to the budget, Inc42 reached out entrepreneurs to understand their hopes and needs. Here’s what they have to say:
- Union Budget 2019 Survey: Startups Demand An Innovation Fund For Each Sector
- Union Budget 2019: Tech Startups Look For Action On Digital India Front With New Budget
- Union Budget 2019: What Women Leaders From The Indian Startup Ecosystem Expect From This Historic Budget
- Union Budget 2019: Blockchain Startups Call For Greater Access To Funding, Talent
- Union Budget 2019: What Do Fintech Startups Want From The Upcoming Budget
This Union Budget will, therefore, be a tightrope walk for all involved. Between BJP naysayers, global trade turbulence, rising crude oil prices, lukewarm stock markets, and a fiscal policy which is trying to play catch-up with the economic realities of Bharat, all eyes will be on Sitharaman come 10:30 am.
Watch this space for live updates and what it means for India’s startup ecosystem, as we go through India’s 89th Union Budget (including the interim ones) with a fine tooth comb.
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