Shreedha Singh, CEO & Co-Founder, T.A.C; Neeja Shah Goswami, CEO, Whiskers India; Kavita Sharma, co-founder and CEO, Ziyyara Edutech; and Dr. Vani Sud Dhindsa, Country Head – India, Wildr share their expectations for the upcoming Union Budget 2024-25. Hear what these women entrepreneurs have to say.
Startups are the innovation engine of the nation. In the past couple of years, the Indian startup ecosystem has doubled down on growth and is today the second-largest startup ecosystem in the world.
Women have played a crucial role in amplifying the Indian startup ecosystem’s growth story. Women founders’ rise to success has also been an interesting journey to watch. According to Women in India's Startup Ecosystem Report (WISER), women-led startups in India have increased to 18 per cent in the last five years, growing from 600 to approximately 14,400.
The startup ecosystem is in deep anticipation of the Union Budget (Interim) of India which is slated to be announced on February 1. The Indian government has been hugely supportive of young startups and has laid down a plethora of policies in the past years that have helped amplify Indian startups’ growth.
This year as well startup founders are eagerly waiting for the Finance Minister to announce the budget and shed light on new policies and changes being brought about which will impact the startup world.
We spoke to women entrepreneurs to gauge their expectations and hopes for the upcoming Union Budget 2024-25.
Here is what they had to say:
Shreedha Singh, CEO & Co-Founder, T.A.C - The Ayurveda Company
(TAC is a retail health and personal care company that has so far raised $115 million.)
"In anticipation of the 2024 interim budget, TAC envisions a transformative fiscal landscape that extends clear guidance and robust support to the startup ecosystem. Our expectations encompass favorable tax policies, with a keen focus on the treatment of carry-forward losses and the structuring of employee stock options. Furthermore, TAC anticipates a strategic alignment in healthcare policies, reflecting the nation's pivot towards preventive healthcare, thereby enhancing accessibility and catering to the rising consumer emphasis on health and wellness. In advocating for reduced offshore dependencies, TAC urges specific provisions that support businesses dedicated to indigenous brand creation and the fortification of our nation's manufacturing prowess. The call for subsidized loans underscores our belief in a budget that propels self-reliance and domestic growth."
Neeja Shah Goswami, CEO, Whiskers India
(Whiskers India is a premium, grooming product company.)
"As an entrepreneur at the forefront of the Indian personal care startup landscape, I recognize the Union budget's profound impact on our nation's economic trajectory. The budget is a compass guiding government policy for the fiscal year, and its decisions can either fuel or hinder the flames of innovation and growth. In anticipation of the 2024 Union Budget, I eagerly look forward to policies that bolster the startup ecosystem, ensuring fertile ground for young ventures like mine to flourish. Specifically, I hope for measures that empower women entrepreneurs, fostering inclusivity and diversity within the business landscape. Gender-inclusive policies not only contribute to social equity but also unlock untapped potential, driving economic progress. Moreover, as a stakeholder in the Internet economy, I anticipate reforms that support digital innovation. A forward-looking budget should address challenges and provide incentives for tech-driven startups, enabling them to harness the vast opportunities presented by the digital realm.
In essence, the upcoming Union budget holds the key to shaping an environment where innovation thrives, startups prosper, and inclusivity prevails. As an entrepreneur, I am optimistic that the government will craft policies that not only support the growth of my personal care startup but also contribute to the broader landscape of Indian entrepreneurship.
Kavita Sharma, co-founder and CEO, Ziyyara Edutech
(Ziyyara is an online education platform that offers personalized and interactive one-on-one classes for kids.)
“In anticipation of the upcoming Union Budget 2024, there is a hopeful expectation for pragmatic policies that could positively influence the ed-tech industry and support women entrepreneurs. The digital evolution of education is a focal point, with a desire for the budget to introduce measures that encourage innovation and enhance the accessibility of online learning platforms. A well-crafted framework supporting skill development programs is also anticipated to prepare the youth for future challenges. Similarly, there is moderate optimism surrounding the budget's potential impact on women entrepreneurs. Hopes are pinned on the introduction of inclusive policies that offer financial incentives, mentorship programs, and a supportive environment for women-led enterprises. The aim is to foster an atmosphere conducive to the gradual but steady growth of businesses led by women.”
Dr. Vani Sud Dhindsa, Country Head – India, Wildr
(A social media app designed to create a safe online space.)
"In anticipation of the upcoming Union Budget, I am hopeful that the government will continue to prioritize initiatives that foster a conducive environment for startup growth. I believe that targeted measures, such as tax incentives for innovation and entrepreneurship, can significantly boost the startup ecosystem. Access to affordable capital remains a critical factor, and I look forward to policies that facilitate easier funding avenues for women-led startups. Additionally, investing in skill development programs tailored for women entrepreneurs would contribute to a more inclusive and diverse business landscape. A supportive regulatory framework and simplified compliance processes would further empower startups to navigate challenges efficiently. As a leader in the industry, my aspiration is to witness a budget that not only acknowledges the unique challenges faced by women entrepreneurs but actively works towards creating an ecosystem where their ventures can thrive and make lasting contributions to the economy."
