Budget Reactions: Snapdeal, Logicserve, CoinDCX, Hungama on Budget gains

Prasad Shejale, Founder and CEO, Logicserve Digital:

“The Finance Minister has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitisation of manual processes, etc.

On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR.

On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable.

The overall budget is future tech-enabled and balanced.”

Kunal Bahl, Co-founder & CEO, Snapdeal:

“This is the Digital Revolution Budget. We welcome the government’s emphasis on creating new digital touchpoints to empower multiple aspects of our society and supercharge the start-up ecosystem. New initiatives across currency, banking, education, skilling, health, passports, and logistics will enable a large part of the country to benefit from India’s growing digital revolution. The government’s focus on augmenting India’s road, rail, and telecom infrastructure will help further accelerate growth opportunities across Bharat.”

Neeraj Roy, Founder & CEO, Hungama Digital Media:

“This is a budget that is welcoming Web 3.0, the Indian government has been at the forefront of digital adoption, via earlier initiatives such as Digital India, StartUp India, etc., and now with the introduction and recognition of ‘virtual goods or digital assets’, the initiative of a task force for Animation, Visual Effects, Gaming, etc., (AVGC) and even the introduction of a digital bank that would embrace the Blockchain, it is their way of ushering in a New India into the Metaverse. We welcome these announcements and look forward to setting a place of leadership for India in Web 3.0.”

Chetan Asher , Founder and CEO, Tonic Worldwide:

“The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards, we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology.”

Sumit Gupta Co-Founder and CEO, CoinDCX:

“The budget is forward-looking and inspirational. It has touched key points that’ll help us create modern, powerful, digital, and sustained growth. We welcome the budget and congratulate the Finance Minister for a futuristic budget. Taxation of Virtual Digital Assets or Crypto is a step in the right direction. It gives much-needed clarity and confidence to the industry. India’s focus on digital innovation and the promotion of blockchain technology is welcome. Introduction of CBDC sends a clear signal of India being a digital-first, efficiency-driven, and transparency-led system. CBDC with the backbone of Blockchain will help us hold a powerful position in the global economy. We welcome the move and congratulate the government for this visionary move.”

Shrenik Gandhi, CEO and Co-founder, White Rivers Media:

“In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements.

Besides, Digital Rupee being introduced is indeed a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India’s future as transactions will become even more instantaneous.

Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement! So, the immediate benefit may not be seen right now, but considering the long-term narrative, it is a fairly established budget.”

Sahil Chopra, Founder & CEO, iCubesWire:

“While the general trend of the Union Budget 2022 has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion, which is again a welcoming move that will help in enhancing start-ups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to start-ups and promotion of start-ups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100 million in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country.”

Paavan Nanda, Co-founder, WinZO:

“We welcome the Finance Minister’s announcement during Budget 2022 to set up an Animation, Visual Effects, Gaming, and Comics (AVGC) task force with the objective of building domestic capacity to serve our markets and global demand. Gaming is a soon-to-be trillion-dollar industry, and it is heartening to see that the Government of India has acknowledged the exponential potential that this sector holds. As a giant step towards contributing to the same, WinZO launched the country’s first-ever national-level scholarship program, called B.O.S.S (Battle of Super Scholars), and unveiled a $26 million Game Developer’s fund with an aim to provide a platform to the best minds to disrupt this emerging global gaming industry. WinZO, as a leading game tech company, will be willing to work with public stakeholders to attract the best talent to this growing industry.”

Rikki Agarwal, Co-Founder & COO, Blink Digital:

“The proposed announcement of a new digital rupee powered by blockchain technology and taxing digital assets has sent mixed signals from the government. The move has cleared the impending ambiguity around the cryptocurrencies in India, signifying its acceptance as an asset and legalising it to boost the economy. However, imposing heavy taxes on digital assets is an indication that the government intends to discourage the same. We will wait for more clarity on the regulations.”

Vidit Aatrey, Founder and CEO, Meesho:

“The 2022 Union Budget is forward looking and inclusive and lays down the roadmap for an aspirational India. Overall, the government’s growth capex announcement will prime the wheels for the entire economy and will have a multiplier impact. Investment-led growth which has been adopted by the government of India will result in higher quality growth versus a merely consumption led growth. We are happy about the government’s intent to continue supporting the new age tech ecosystem by forward looking initiatives such as introduction of digital rupee, extending the existing tax benefits of start-ups by one more year and reduction of overlapping compliances, which will improve the ease of doing business in India.

From our perspective, we have been keenly watching the developments that impact our sellers and their ecosystem and we see positive moves on those aspects. Emergency credit guarantee scheme (ECLGS) extension up to March 2023 will be helpful for the MSMEs to regain their business above the pre-pandemic levels. Further, the revamp of CGTMSE will also help the banks extend lending to the credit starved MSMEs. Finally, duty concessions to promote electronics manufacturing, wearables and hearables devices and mobile phones will boost Indian manufacturing and thereby reduce imports in these critical sectors.”

Ravish Naresh, CEO & Co-founder, Khatabook:

“The Union Budget 2022 is a well-balanced and progressive effort towards growing India’s economy, especially with regards to, Start-ups, MSMEs, Fintech, and Digital Infrastructure. Meeting working capital requirements during the initial years of operation is often tough for start-ups. Hence, tax exemption for start-ups being extended by one more year is a welcome move, and it is likely to further encourage innovations and growth that the start-up ecosystem is delivering. The announcement of the Emergency Credit Line Guarantee Scheme (ECLGS) extension until March 2023 is a much-needed support for the MSME ecosystem’s recovery. Aiding the MSME segment’s cashflows and finances will be crucial in 2022 as it will be a year of transitioning to growth from recovery for this segment.

The budget has also shown great support towards expanding the digital Finance infrastructure in the country with the issuance of Digital Rupee and continuing the financial support for digital payments and initiatives such as setting up 75 digital banking units in 75 districts by scheduled commercial banks. Overall, the Budget 2022 has successfully addressed the need of the hour by bringing in policies and reforms crucial for the growth of the country.”