Saturday, February 28, 2015

Post-Budget Reaction by Mr. Tapan Kumar Das, CEO and Co- Founder of iTiffin.in

The allocation of Rs 1000 crore for start-ups was one of the major announcements of this year’s budget. It’s definitely a breakthrough move for entrepreneurship in the country but the implementation of the same is a daunting challenge. Reduction of corporate tax by 5% is another step that favours emerging companies immensely. But, according to me, for start-ups, it’s the growth of the company that matters more than just making profits. Looking at the positive side, the saved money can help companies invest in employee training to enhance their productivity. The announcement to set up Mudra Bank for priority to SC/ST entrepreneurs will greatly boost confidence in the business eco-system but again implementation will be the real game-changer. Lastly, bolstering cashless transactions through RUPay debit cards and reduction of tax on royalty fees for technical services by 15% will be of tremendous help to e-commerce start-ups.