What Budget 2021 can do for startups: If you start ’em up, we’ll never stop

Finance minister Nirmala Sitharaman’s promise of a ‘budget like never before’ has raised expectations significantly. For sure, India Inc needs bold strokes in terms of both growth and recovery. Focus on the startup sector is especially important. It will play a vital role in the resurrection and success of the economy and employment, besides positioning India as an innovation hub.

The evolution of India’s startup landscape has been spectacular, rising as it did from a nascent promise to become the world’s third-largest in less than two decades. 25 unicorns, and a funding of $14.5 billion as on January 1, 2020, underlined a clipping pace of growth in this sector. But Covid-19’s trail of devastation did not spare the startup ecosystem. The National Association of Software and Service Companies (Nasscom) estimated that 40% of Indian tech startups had to cease operations. Yet, many of them showed tremendous grit to beat the odds — some even growing exponentially — and are poised to sprint into future growth.