Post Budget reactions from Indo American Chamber of Commerce (IACC) & Agility Venture Partners (Start-ups)

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by Samiksha

1.     S. Purnachandra Rao, the new National President for Indo American Chamber of Commerce (IACC)

Growth-oriented and transformative, the Finance minister's 2021-22 budget includes many welcome signals for entrepreneurship and foreign direct investment. To begin, allowing 74% FDI in the insurance sector is a 'game-changing' reform. The boost to healthcare and infrastructure, areas dear to American companies, will lead to more FDI and better employment opportunities. We specifically laud their decision here to set up seven textile parks.

Moreover, we at the Indo American Chamber of Commerce (IACC), welcome the government's encouragement to NRIs to operate One Person Companies of OPCs in India. They've done this by reducing the registration timeline from 182 days to 120 days.

2.     Prashant Narang, Co-founder Agility Venture Partners

The budget looks promising for the start-up industry as measures like an extended tax holiday will help the start-up scenario in the country. Consequently, focus on skill development by partnerships with UAE and Japan, as well as reforms proposed for MSMEs like collateral free loans and funds for MSMEs is a highly encouraging move for the sector. Overall, the new-budget is welcomed for its positive focus on boosting entrepreneurship in India.

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