Top priorities for startups in 2022

Top priorities for startups in 2022

Chaitanya Ramalingegowda, Director and Co-founder, Wakefit.co

1) First and foremost, I would strongly advocate for ESOPs to be taxed only when they experience a liquidity event, rather than when they are converted into shares. This will assist to create the idea that ESOPs are more than just a means of accumulating wealth. This will encourage the startup personnel to place a higher value on it.

Second, it would be extremely advantageous to simplify people’s perceptions of how angel tax affects startups. If we want to grow more businesses, we need to create an atmosphere that is conducive to early-stage investment. Late-stage investments will only occur if there are sufficient and growing numbers of companies in the early stages, and angel investors play a critical role in this.

3. Finally, I’d like to see the GST structure simplified, especially for businesses that operate in multiple categories and sectors. Incorporating global best practises in taxation would actually assist Indian entrepreneurs with multi-year expansion ambitions make a difference.

4. Finally, a lot more incentives, as well as the ability to improve margins, should be provided for startups that go to great lengths to set up manufacturing entities, backward integrate their businesses, and truly live the Make in India dream. Thousands of jobs and actual manufacturing ecosystems are being created by these entrepreneurs, and financial support to help them grow would be a big help.

Apeksha Gupta, CEO and Creative director of John Jacobs Eyewear

1. Returns for compliances such as GST, TDS, and income tax should be made easier to complete.

2 Various statutes, such as labour regulations and company law, should be made easier to comply with.

3. Measures to make doing business easier should be implemented.

4. Deductions on local spending should be offered to stimulate consumer spending.

P.C Musthafa, CEO & CO-Founder, iD Fresh Food

• A tax system that is favourable
• Young people’s upskilling and integration with academia
• Developing resources and infrastructure to assist rural Indian businesses
Sateesh Andra, Managing Director, Endiya Partners
• Private enterprises can be listed directly on the stock exchange in other countries.
• Regulatory procedures must be simplified for fund managers to bring offshore funds onshore. The tax treatment of fee and carry transactions should be fair.
• Collaboration between regulatory bodies (SEBI, RBI, CBDT, Ministry of Finance, Ministry of Commerce, DPIIT, and Industry Associations like IVCA) and the start-up eco-system is excellent and will almost certainly yield excellent results.
Jeevika Tyagi and Kanupriya Mundhra, Co-founders at Aastey
• A startup network that connects India’s top startups through an app and offline events and workshops, among other things.
• Tax breaks for startups, their employees, and their partners, so that people realise the value of working for/with a company.
• Rebates for manufacturers
• Changes in textile laws to make it easier for us to acquire sustainable fabrics in India
Ravi Kallayil, CEO & Co-founder, Plaeto

While many things are being done to support the ecosystem, too many compliances and regulations cause entrepreneurs to divert their attention away from establishing their businesses. This may be made easier.

Access to public monies for R&D, working capital, and other purposes is difficult. If we are to become a truly innovative economy, startups should be able to receive funding for early-stage research and development, much like the National Science Foundation does in the United States. The National Science Foundation is a government-funded organisation that is run independently to promote innovation.

The educational system should collaborate in order to support persons with diverse skill sets. Startups, for example, may not have the means to hire somebody for certain expertise; instead, it may be easier to hire someone with multiple skill sets.

More entrepreneurs attempting to solve serious societal concerns should be encouraged.

In India, there are better incentives and production is easier.

Narendra Pasuparthy, Chief Farmer, CEO & Founder, Nandu’s

• Traditional finance sources, such as banks, are more accessible.

• ESOPs as a tool for acquiring and retaining talent have been clarified.

• A tax system that is more favourable
Access to people who are well-rounded and have a wide range of skills.
Compliances are simple.

Harsh Pokharna, Co-founder and CEO, OkCredit

Exemption from taxes on foreign direct investment, which will help with globalisation as many companies want to expand globally by 2022. The government might help startups even more by enacting regulations that encourage domestic capital participation and offering incentives to encourage incubation in every state. Another area to consider is assisting in the facilitation of access to funds and markets. Last but not least, a clear long-term start-up road map is a must.

Dhruv Sawhney, Business Head and COO nurture.farm

We’re an agritech firm with a mission to alter the way agriculture is done in India by providing solutions that make Indian farmers more resilient, profitable, and committed to sustainable agricultural practises.

Farmers in India continue to use input-intensive agribusiness models, which has a negative impact on their total profitability. Encouragement of entrepreneurs in this field through farmer promotion will result in lean agribusiness models via shared economy platforms.

Smallholder farmers, who account for more than 70% of Indian farmers, will benefit from lower-cost farm equipment and machinery as a result of this. Agriculture mechanisation will boost productivity and yield, and India desperately needs to improve in these areas.

In India, a push for shared economy models and digitalisation of agri ecosystems will bring transparency to the whole industry, allowing farmers to make better decisions and increase output and income.

Focusing on adopting sustainable agriculture methods is another strategy to boost farmer incomes. Incentivizing Indian farmers to do so will have a two-fold effect: on the one hand, it will reduce agriculture’s carbon footprint, making it more climate-friendly. Farmers, on the other hand, will be able to make more money by using carbon credits.

Neha Khanna, Director, ValPro

Employee stock ownership plans (ESOPs) are taxed.

2. The speed with which new business models are regulated (as has recently been done for drones, peer-to-peer lending, and crypto currencies) through a consultative approach to avoid issues such as those raised by the RBI’s recent auto debit restrictions.

3. Create a separate resolution channel for startup compliance issues in order to provide more timely and efficient solutions.

Deb Mukherjee, Founder & CEO, Ceres Foods Pvt. Ltd

• The obligation to register with the DPIIT in order to receive an angel tax exemption has been removed.
• Startups that are less than three years old should be exempt from the valuation requirement.
• Low-cost financing should be made available.
• To recruit talent, ESOP taxation should be based on the sale date, and the tax on ESOPs should be removed.
Aanan Khurma, Founder, Wellversed

• We don’t need an income tax rebate; instead, we need a more straightforward GST system.
• We don’t need any additional government grant programmes; we simply need free chairs in all government buildings.
• We don’t need any more sluggish foreign projects; instead, we need open access to selling via the government (an area rigged with corruption)
Anshuman Narain, Vice President, CashBean (P.C.Financial Services Pvt. Ltd.)

A policy feedback mechanism that is more responsive. In terms of service or disruption, startup enterprises nearly always break new territory. While governments should prioritise the larger budgetary interest, other countries have demonstrated how to balance new business needs with swift regulatory changes. India requires policies that are aligned with the year 2021.

Binal Patel, Designer and Founder, TheRealB

In India, being a startup implies having a lot of room to develop. Because of India’s rapid technical advancements, a company may now readily reach the people and create an unparalleled consumer experience like never before.

Garima Surana, Co-founder, Sochcast

For its huge commercial potential, India is frequently referred to as “the poster child of emerging markets.” Even niche products can have enormous market potential in a country with a population of roughly 1.3 billion people. It has enormous promise in every industry. The government has been at the forefront of efforts to mainstream start-up culture and foster creativity among Bharat and young India.

Vikash Pacheriwal, Co-founder, Raisin

The Indian startup scene is booming, and now is the greatest moment to get your business off the ground. Several investors, thought leaders, and advisers are available to help fledgling brand owners through their journey.

In five years, our country’s start-up ecosystem will have matured significantly, and those that launch in 2022 or earlier will receive a tremendous response.

This is the greatest time to join the startup bandwagon and put your business idea into action.