Budget 2023: The excitement is building among US venture capital firms investing in India ahead of the Union Budget 2023, with top investors eagerly anticipating policies and initiatives that will support the growth and development of the country’s thriving startup ecosystem. Union Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2023-24 before parliament on February 1, and the venture capitalist community is eager to see what the government has in store for the future of the country’s startups.
“We are keenly interested in policies and initiatives that will support the growth and development of the startup ecosystem in India in the Union Budget 2023,” says Arun Kumar, Managing Partner of Celesta Capital. “Signals and allocations in the Budget that further the growth of new ventures based on innovation and entrepreneurship would be particularly welcome.” Kumar, who previously served as Assistant Secretary of Commerce for Global Markets and Director General of the US and Foreign Commercial Service (USFCS) during the Obama Administration, believes that India has the potential to become a global leader in many technology sectors, with the right policies in place.
Union Budget 2023: Growth of manufacturing sector in India is creating lot of excitement opportunities
“We are eager to see the government’s continued commitment to fostering a business-friendly environment that encourages foreign investment and supports the growth of new and emerging companies, including in the deep-tech space,” Kumar told PTI. The ongoing geopolitical scenario and the impact of the pandemic have only highlighted the need to diversify supply chain sources, presenting India with an opportunity to enhance its role as a trusted node in global value chains.
“Policies that make it easy and cost-effective to both import and export in such a way that the efficiency of supply chains can be enhanced, boosting the competitiveness of Indian manufacturing, would be key,” says Kumar. The growth of the manufacturing sector in India is already creating exciting new opportunities for both domestic and global production and for developing technologies and solutions that enhance manufacturing capabilities.
“With the right policies in place, India has the potential to become a global leader in many technology sectors, and we are excited to be a part of that journey,” says Kumar. The US venture capital community is hopeful that the Union Budget 2023 will provide the support and investment needed to help realize India’s full potential as a hub for innovation and entrepreneurship.