Ola Electric Founder Bhavish Agarwal has reacted on the union budget by writing a post in social media platform ‘X’. He wrote, “The Critical Mineral Mission will be a game changer of India’s energy transition journey. It is great to see emphasis on women's employment too. This budget sets a strong foundation for India's tech-driven future.”

The union budget deeply focused on spacetech sector and regarding that, Co-Founder & CEO, Agnikul Cosmos Mr. Srinath Ravichandran mentioned, “Wonderful news for all of us in the sector. This will help larger players emerge out of India’s space startup ecosystem. This also shows that the Government is continuing to strongly back its vision of making India have a larger chunk of the global space economy.”

According to Amit Jain, founder of CarDekho Group, "The problem was that even if one had not made money, taxes would be incurred, which will be solved now. If you buy for Rs.1 and the fair market value increases, the tax was being recognized. This is going to be a big boost for angel investors, many of whom are sitting on the edge to invest, would now probably join the bandwagon."

Zerodha Founder Nikhil Kamath in his social media handle ‘X’ wrote, “We collected about Rs.1,500 crore of STT last year, @zerodhaonline. If the volumes don't drop, this will increase to about Rs.2,500 crores at the new rates. The capital gains tax has been increased from 10% to 12.5%, and it will apply from today. If the idea was to cool down the activity in the markets, this might just do the trick.”

Nitin Rao of Incred Wealth opined, “The budget which was built up for long term measures is positive, many key areas are retaining positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilize after the negative shocks in the short term and track the progress of the country in the medium term.”

Last Note

All in all, the Union Budget has received positive impacts from dynamic sectors of industry in India. According to PM Modi, in this ever evolving startup ecosystem, Unicorns and Startups are the messengers of India’s diversity, the colossal keystone of the country’s global identity, and encouraged the startup founders saying ‘keep your dreams local, make them global’. He calls the Indian startups as ‘The backbone of Indian Economy’.

The Budget has mentioned about ‘Jan Vishwas Bill 2.0’, which is aimed to elevate the startups and unicorns to flourish further and enrich the agendas of ‘Atmanirbhar Bharat’. This enrichment will bring forth the ideas of business reforms, action plans, and digitalization to impact further on digital India and economic growth.

According to ASK Private Wealth Hurun India Future Unicorn Index 2024 India is expected to add 152 unicorns which will be valued more than 1 billion, from 31 cities in the next 3-5 years to its current tally of 67 unicorns.

The budget has a farsighted impact on different sectors of economy like Agritech, Healthtech, and Spacetech apart from Information Technology industry. New Space ecosystem will transform India into a global innovation and R&D hub and will surely take the country to a great height.