May 24 2019: On the morning after the Indian General Elections and the strong mandate given to the current government, industry voices its hope and expectations:
Kishan Jain, Director, Goldmedal Electricals : “The rapid proliferation of new technologies such as internet of things, artificial intelligence, connected devices & home automation, have provided FMEG companies tremendous opportunities to grow, flourish and expand into newer industry segments. Additionally, the past few years have seen the Government of India having a keen focus on the promotion of energy efficient solutions such as LED lighting. With the current Government all set for a second term in office, we hope that this trend continues as it would give further fillip not only to the manufacture of such products but also to the Government’s ‘Make in India’ and ‘Smart Cities’ initiative” .
Jitendra Chaturvedi, Director and Co-founder, Batooni Mobile Advertising:“The government had started smoothening the tax issues in startup funding. Continuation of the regime will hopefully hasten the change in the procedures and laws helping startup funding. BJP’s known penchant for advertising is very good news for adtech startups”.
Bhavin Turakhia, CEO, Zeta & Flock: "In the last four years, Indian B2B startups have more than tripled. Our country is now taking giant strides towards becoming one of the fastest growing startup hubs globally. To make this a reality and accelerate their growth, the new Government of India must put in place measures such as training hubs for entrepreneurs across India to ease flow of capital, regulatory compliance and more. Further, these hubs must act as one-stop knowledge, research and development centers so that startups can focus more on innovation and less on processes. Thus, acting as a catalyst or emerging startups across sectors’’.
Satyam Kumar, CEO & Co-Founder, LoanTap Financial Technologies: "Currently, a start-up needs to follow number of compliance laid down by various regulatory bodies as well as there is a knowledge gap because of multiple points of contact. While they are definitely necessary, they are onerous and costly to comply with. Compliance is expected with regards to Labour Law, MSME Registration, Investment, MCA Compliance as well as ones related to individual sectors. There should also be consideration on hefty penalty in cases of non-compliance."
Javed Tapia, Founder, Slonkit:"The current government has given a fillip to startups with initiatives such as Start-Up India which enables self-certification, rebate in filing patents, income tax exemptions, easier public procurement norms etc. I think the new government should further enhance the vibrant start-up ecosystem wherein startups can collaborate seamlessly and share knowledge and technical expertise. This will help India to leverage it's entrepreneurial potential and become a hotbed of unicorn start-ups across different sectors."
Saurabh Saxena, Country Director, Micro Focus India: “India’s rich diversity, demographic potential, fast-growing market size and digital infrastructure has potential to make India a global hub for research and implementation. With initiatives like Digital India, Make in India, AI council, etc. the Government had set a great precedent in accelerating the era of digital transformation and Industry 4.0. Though some of the economic policies created a blizzard of controversy, they successfully paved a path to use science, technology and innovation skills for the citizen services as well as to boost the indigenous innovations, achieving synergy between various industries and scientific research. This was reflected in a historic movement as the World Bank’s latest Ease of Doing Business Reported India’s rise to 77th rank, up from 100 within a year. Introduction of technology in the sphere of governance has brought in greater transparency, accountability, and monitoring. With the second term, we expect the government to utilize the mettle of India Inc and emerging technologies like AI, ML, IoT and Big Data to solve socio-economic issues of the country. The need of the hour is also to pursue with more vigour important initiatives like deregulation and privatization of state-owned companies along with reforms to modernize labour markets to uplift the job scenario in the country. There are mounting possibilities and expectations for the Government, we look forward to the Centre to now lead us into a better connected world.”
Alok Mittal, Founder & CEO, Indifi Technologies: "The vision of India Stack has become well-defined and distinct in its scope and financial services should continue to be a huge area of operations. We expect the new government to define concrete steps to mobilize access to financial services and empower the fintech companies that facilitate them. For instance, extending credit guarantee schemes such as MUDRA and facilitating better data access to alternate lending companies can help in bolstering the impact and reach of these initiatives. Doing so can ensure a step closer to financial inclusion and high growth potential for MSMEs in India."
Harshil Mathur, CEO & Co-Founder, Razorpay: "This government has had a very strong focus on Digital India and FinTech, and we are happy that they will continue to do so. A lot of programs were initiated towards digitisation of the country and increasing access to fintech last year - this must progress with a fresh commitment to democratise digital payments. The impact of GST should bring more people into the tax bracket. One reform that I am expecting is the tax and GST benefit for businesses opting for digital transactions. We were looking forward for this to happen last year, however, hopefully, the government will do it this year."
Gaurav Gupta, Co-founder and COO of Navia Life Care. "According to some researchers, Artificial Intelligence has the potential to double the size of our economy by 2025. The government has shown the willingness to promote this sector in the last budget. We expect a strategic plan to promote AI in various sectors, this would need close coordination of different ministries with Information Technology ministry and technology startups. Entrepreneurship has a potential to create millions jobs in the country, we hope this government will create policies where a conducive environment is created for innovation. True innovation needs capital, stakeholders' willingness to try new products and strict policy implementation. Entrepreneurs expect more opportunities for raising high risk capital, there is a requirement that government PSU’s and its departments be willingness to use innovative products, lastly we need policies to be implemented for higher use of technology to make systems efficient and transparent, this will have a trickle down effect in adoption of technology and transformation of systems."
Suman Reddy, MD, Pegasystems India: "The government, through a range of forward-looking policies has a track record being a catalyst to the IT sector in India. This growth has, in turn increased the industry's share in the country’s GDP. The results give us hope that the groundwork laid during the previous regime will translate to an improved policy environment and faster industry growth over the next 5 years. Every player in the industry is looking to operate in a competitive environment, find market opportunities to grow, and create jobs. Companies have seen the fruits of a favorable business climate created and are working towards the united goal of creating a trillion dollars of economic value through the digital economy by 2025. They also look forward to adequate levels of protection to maintain India’s competitive advantage over other regional tech hubs and respect the interest of consumers using their services.
Jigar Doshi , Executive Director , SKP Business Consulting LLP "It is not an unknown fact that stability of Government is desired factor for any FDI and FII in the economy – as it leads to consequent stability in policy implementations. Undeniably, today’s election results appear to have created an euphoria and rested the fears that a new Government in power may lead to revamping of GST law/ tax policies for industry and markets. Expectations also seem to surge that the return of the Modi Government will resolve and simplify various pending GST issues.
Saru Tumuluri, CEO, Veri5Digital : "A big boost is anticipated for the Financial Inclusion and Fintech sector in the second term of the NDA government. Fintech will continue to be a sunrise sector and with more supportive government regulations will exhibit tremendous growth and innovation especially in the sachet size financial products. With our suite of onboarding & digital products (KYC, eSign, eNACH), Veri5Digital will have a very important part to play in this growth sector by helping BFSI maintain compliance and costs in the delivery of these sachet size solutions."
K R Naik, Chairman, DIGISOL Systems: "We have seen enormous growth opportunities in the past five years with the introduction of schemes like ‘Make In India’, ‘Digital India’ and ‘Smart Cities’. With the continuation of the regime, we hope to see a new wave of transformation in the IT Networking Industry. We are excited about the opportunities coming in the next few years as supportive government regulations will help accelerate the business growth and would support companies like us who have been manufacturing products in India."
Vivek Kumar Singh, CFO & Co Founder at ToneTag: "We would like to congratulate the BJP government for their remarkable landslide victory. We hope the NDA 2.0 govt will continue to work on its progressive policies and further strengthen the Make in India campaign with focus on technological innovation. As a part of the Indian technology startup fraternity, we hope for speedy implementation of schemes and policies like easing the regulatory requirement for start-ups and facilitating the establishment of 50,000 new startups by 2024 which will result in massive job creation ”