As budget day draws closer, some of thoughts on what it should include:
1) Angel investments of Rs. 20 lakh or less in start-ups should be exempted from income tax liability. This will fuel more investments in start-ups by professionals.
2) Drive cross-border interactions between start-ups through events. Bodies like TiE, Nasscom etc. can be offered funding for the same purpose.
3) Government should mandate various ministries make investments in start-ups which are focused on building products that are in sync with national priorities and assist better consumer connect & experience. This can be for example bill payments, tax payments, filing of documents etc. This will lead to mass adoption of internet by all Indians marking a huge increase in overall base of users who use internet for various tasks.
In order to attract entrepreneurial tech/product talent, setup programs to invite foreign entrepreneurs to create start-ups in India. Make India a preferred destination for start-ups (like what Singapore is doing right now).
Leadership in technology is mandatory for India to become a world power in the days to come
Brijesh Agrawal is the Co-Founder & Director, IndiaMART.com