 Hello everyone and welcome to entrepreneurs budget analysis for 2022 the proud moment where you know we this is something that we look for in the beginning it's like a happy new year for everybody in the business world when the budget is to come out and you know we expect stops for the industries we expect so many things that will come to happen. So I think the budget 2022 if you really ask me how it turned out to be I would say it's a very delicately carved balanced budget in one sense, you know, taking into view that almost virtually a lot of industries got covered by the budget which we have not normally seen happening in earlier budgets, but at the same time you know it's a budget that supports economic recovery. It's sort of that is where you know it is trying to bring as many industries into in its ambit as possible and that's a good thing. So it's also I think on overall it's sort of geared towards creating jobs, it is about boosting manufacturing. It is helping the agricultural economy, the health sector, scaling education in India and infrastructure structure creation. Given all these things happening, we feel that a lot of other sectors will also get to enjoy the benefits that are actually first enjoyed by these industries and therefore going forward, its fruits will be seen in the other industries as well. So we joined here by Gaurav Singh welcome Gaurav, you know, here we are sitting today to see how really the budget will perform for the industry as we go forward. So thank you very much for joining us. Gaurav is the co-founder of JPIN and you know, so wonderful to have you here. So, you know, Gaurav let me ask you by, you know, stating that, you know, the budget is if it is going to cover so many industries, what is your overall analysis of the budget before we sort of get a little more into dissecting industry wise and going deep down into how every industry will benefit that it has touched. What what is your overall view about the budget. So I think what was fundamentally extremely important is to demonstrate an extremely progressive thought process, because you know we are the top four startup ecosystems, and we're poised to be, you know, as a target to be number one economy in the world. So that forward thinkingness was has come out very beautifully as an overall view that the whole world is watching because everyone wants to invest into crazy amounts and they want to see if we are heading in the right direction and I don't think they could have done anything better it is a massive task and which is why they are just making sure that every category every industry is covered and there is a structure that is being put around it. So that it can grow and scale so I am quite quite happy with how it's progressed. So, what, what do you think would be the first stop five beneficiaries of the budget, particularly eight months. What do you think its impact will be. This is a crypto industry definitely and I think a lot of the retail investors who have been dabbling with this just not able to sleep at night. You know what if it goes if it's not legal tomorrow so I think that is a very good stamp to everyone. Of course the risk is what it is but it is it is there. There is a huge growth happening blockchain you know the digital repeat. I mean imagine right so so that also further solidifies the intention around the key word of blockchain as well. I think then we talk about climate. So climate is the right impact thought process, the modernization around this is shooting up. Education. So these are top five I think which are the fundamentals in the backbones and I think they've hit the hammer in the right places MSME, you know if I talk about the sixth one, you know that is shooting up and for India to be a 20 30 trillion ecosystem MSME will play a very critical in trade and global growth. And again you know this huge enablement on that part so these are the top five six areas. So you know, particularly I mean if I were to touch upon the MSMEs to at least start with. So the custom duties is being raised to 20% so I mean you know particularly the scheme that they have sort of elongated, which is the I think the scheme so what do you think I mean from the standpoint which I've already taken a meeting during the particularly the MSME gets impacted quite a bit. So from that perspective, how do you think the budget could really hit them. So I think what they've done with the ECL GS, you know the scheme which is extended by 50,000 crores, I think it is see good MSMEs only need working capital help, and just when they are struggling because many of them are at breakaway point. Right. Right so either they can they'll break it up or they'll disappear. And I think this is where they have understood the pulse and provided that lifeline, because they are not, you know, if they continue to do well then there is enough credit facilities and ecosystems will continue to support them. So this is the emergency credit line guarantee is pretty awesome I think this is what they needed. And I'm hoping it will be truly welcome. As far as the distribution and access of it is fast, because emergency means quick access. Right, it doesn't mean six months. So if that is something that is how it is enabled then it is spot on for them. And also, you know, they've put aside rupees two lakh crores through for MSMEs to the CGT SME, you know, vertical as well. Now, my all, you know, on another level if I look at it, how do you think, I mean, I know that in Vintech, particularly in the SME lending space we have seen that there is an increase in NPAs. How do you think we can address that situation. I mean, obviously, you know, the money can be made available but the idea is that the money should return also with to the banks or to the NBFCs to SME lending startups. How can we sort of balance that out I mean you know, in the time to come. I think it is by a truly embracing technology. So we invested in a business called Credit Enable, which is a focused on the right kind of capital, fast capital for the right MSMEs. Because sometimes you know the reason the capital doesn't come back is because it's too expensive. It comes very late, and the business is kind of, you know, so very fast, quick, something that instead of taking, you know, three to six months it can happen in a matter of a week. You know, that is all that is needed. I think then again on the micro lending side we invested in a business called Kashi, the social loan company. Again, their NPAs have not gone up beyond the 3.3%. They've generally through COVID, they maintained 2%, but they're risk metrics. So they're not desperate. And when you get into desperate lending, that is where the risks are very high and NPAs will remain high. But if you keep targeting to the right audience with the right kind of risk assessment, you know, a lot of good technology, a lot of risk assessment is definitely trying to cap that. And banks and institutions truly need to embrace these technologies so that overall exposure can stay low, the lower the exposure overall, the more they lend. Right, so that is a technology will play a very critical role. Sure. And you know, I also know that the budget has sort of included VCs and PE funds under the umbrella, you know, just to bring more governance over there. So what do you think its impact is likely to be? I think it's very important because there's a synchronization. I think where the overall strategy and direction is heading. I think it allows, it will make things easier. I think, you know, it in many cases is a private sector versus the government. Now what they've tried to do is make it this and that in conjunction. So, you know, if you see from the Western world, what they have been really, really good at is creating a collective of the public and private sectors. So they work in tandem. And this is a perfect move on the collective of integrating, I think the thought processes so that everyone evolves at the same time. And the policies where the investment needs to be, what the investment structures need to be, where government will co-invest. If private sector, if the PEVCs are investing in what are the true support structures that actually mean something, they'll come from the government. And a lot of those mechanisms will fall very beautifully hand into hand. So this is a very, very good serious play that the government has put a step forward into. Sure. Gaurav, I'm going to come back to you. We've also got Bhavjot, who's joined us from clinic. Bhavjot, are you able to hear me? Yes, yes, I am. Hi to the view. Love you too. Very well, and it's good to have you here as we're doing this budget review, a lot of things for the health tech industry as we see, you know, particularly the open platform, the national digital health ecosystem that the government is planning to set up. And of course, the first time we've seen a big emphasis on the mental health side also, which is being raised by the government to see because obviously it's something in the future that is going to, you know, we're going to see and hear much more about than we have. So what are your thoughts about it? You know, how do you think it's going to improve overall the health care system and the health benefit the health tech sector also? Yeah, I think this budget, as you know, like the Ayushman Bharat, the digital health mission has been getting so much of impetus from the government. I think this budget was just a continuation of that. And just to put things in perspective, right, in India, more than 50% of the prescriptions which are generated today are generated by quacks. So you're talking about doctors who are like I shouldn't call them doctors, but practitioners who don't even have a legit medical degree, right? So one of the things I think which was proposed in the scheme of thing today was the health registry, right, which brings accountability into the system. You are able to create a registry which will tell you about the medical designations of this practitioners, right? So that is a huge thing which the government is going to inculcate. And I think that is in line with the National Digital Health Mission where they are improving the interoperability. So right now there are a lot of diagnostics, medicines being prescribed. There is no intervention on medical records, no focus on outcomes. So building towards this larger place, right, like that's where government is now bringing everything together to make sure that there is accountability in outcomes. There is accountability in medical practice and it's not just something which is just happening randomly so that each and every diagnostic which is prescribed can be linked to your health ID. Any medical transaction that is happening can be linked to your health ID, right? So I think this is a great move and I think we are all looking forward to the health registry which the finance minister spoke about today. And definitely like COVID pandemic, right, we all understand that coming to your second point on the mental health part, right? I mean, no matter what we say or do the past two years have been very, very taxing for everyone, right? And I think this whole helpline that the government is setting and I think Nimhans in Bangalore is the one which is helping them facilitate this helpline will be very helpful for people specifically in the missing middle and the lower segments to come forward and avail such services because unlike the kind of awareness that is there in the top of the pyramid, top of the economic Indian pyramid, but when you talk about the bottom of the economic pyramid and the missing middle, there is still a lot of taboo around mental health. So government coming in the forefront and actually promoting something and making it mainstream is a huge move and is highly appreciated. Sure. Yeah, no, I think possibly I think the offshoots in the health tech sector are getting to be seen and you're right. You know, what we are seeing right now in terms of health is only when in pandemic and still everybody is in but once everybody starts coming out as the pandemic ceases, we'll probably see a whole different, you know, problems, different kind of health care diseases cropping up, which would then need to be addressed. So I think the government is actually forecasting very well on that grounds to see that you know what are the likely problems of the future and taking steps to resolve the problem. So thank you very much for joining us for Jyoth. Sorry, you want to take it from here. Yeah, sure. Thank you. So we have Akash here. Akash, hi, how are you? So your first reaction to the budget Akash on what has been announced, you know, the benefits of which were announced last year in terms of, you know, promoting the digital payments and all have been continued this year as well. Akash, you'll have to add to that. Yeah, sorry for that. I think two larger takeaways from me is one, one the tax rebate extension extension for the startup community as it was supposed to end at March 2022, now it is extended till March 2023. That is the second is on the entirely digital ecosystem, when digital banking, digital literacy, today a lot of people are not able to be part of online work because they're not digitally literate. Right, so we can, this UP has done a good job, we have more than 40, 42 people using UP, but beyond that to get more people into this ecosystem, we have to make people digitally literate. Right, so that that I'm, you know, focusing on the, on the schemes with government which Finance Ministry announced today about setting up digital skilling and education portal, right. That will help us make people more comfortable about the entire digital product, and then we can focus more on digital banking after that, right, because that is a prerequisite to even start digital banking or digital ecosystem inclusion, financial inclusion. Right, second, the point around this, you know, interoperability or post office, enforcing, enforcing post office to focus more on net banking, digital banking, mobile banking. That will also help us to reach out to the people who are not at all comfortable with entire online solution. They're still very independent on cash, very much dependent on a human assisting them to do banking or anything on payments. Those initiatives will bring help us bring those new set of people in the fold of financial inclusion. So you don't see it as a threat because you know, one that first post office, I mean, post office is going, you know, digital. What does it mean for people who, for startups who have been operating in that area, who have been doing small ticket transactions in rural areas, smaller places? I think startups can do more, right, so today you're also limited depending on the banking population of the country, right. Suppose I am extending payment services to them, tomorrow I can extend investment services to them, I can extend loan services to them. See, India as a country doesn't have very active banking population, right. I mean, we as a country are not aware of investment opportunities that we have. Right, and that is one reason often a lot of money is not reaching to what I think Gaurav mentioned about low funding for MSMEs are all right. So investment is the first step, right, through which we can bring a lot of money in flow to the people who need to be MSMEs we need a small startup you need. And that can come from citizens or anyone who's a banking to be aware about investment opportunities they have. Right, so that is the cycle which we can create digital banking is the first second is digitally, you know, like telling them or within a literate about opportunities which they can aware that they can start investment they can start with their own and they can bring the money back in the ecosystem through which others can benefit. Right, so. Okay, all right. You know, I'll, I'll, I'll, we'll come. We'll go to Nikhil, Nikhil is Nikhil, Nikhil hi. Hi, so, hi. So, you know, hospitality was one sector which needed, you know, they needed really great support. Do you think that has been given to that sector? I think additional 50000 crore the emergency credit line. It's obviously going to help. But perhaps the sector needed more. I'm not saying that the initiatives are not helpful they are, but given the pain. Imagine if your market just vanishes. It's like you're selling cars and there is nobody who's driving car anymore for two years. This kind of, this kind of how do you say impact is is not heard off and unprecedented. So it perhaps needed more, but Explain what was needed for it. In terms of more clarity on people who are already gotten into existing NPAs, like a lot of hotel owners, hospitality owners, and there's no customer for last two years they've gotten into NPAs. Then what do they do, who do they go to, do they have time for before auction start will be will banks to give them some more time for recovery and post recovery what's really so. So that's NPA that's one people who are already struggling people were at the brink of struggle. Can they borrow more can so there's, I think it needed little more depth on to how exactly these various cohorts of suffering are going to be lost. And they are not there's not one cohort it is a multiple cohorts different people who have different levels of pains. So that's one, but yeah as I said. So, as I said, something is always better than nothing. And in that sense, I would say that as a group, I think the industry is grateful to the fact that there is something. Yeah, because we are close to this industry right so we can see the pain that there is. And that pain is non trivial. As I gave you that analogy of cars vanishing it is almost exactly like that just everything vanished. And although it looks like it's coming back in two months. I think that the pain is not doesn't look like pain which is going to continue for long but still more support in terms of existing pain would have been helpful because I doubt people with existing nps would be able to afford these loans further. So what about people who are already in pain this new lending can help in the borderline cases, but what about people who already gone down under. And that maybe in implementation it will come more light will be shared, but if it is shared will be helpful. Thank you everyone. So I think from, so they have to do an agritic company and from agritic perspective and from startups perspective this was a really good budget, you know for agritic at least it was a budget, it was a watershed budget I would say, right, because there had been a lot of things which had been mentioned, which which is going to promote overall use of technology in this sector right. So, our initial level reaction on this is pretty pretty enthusiastic right. For example, there is a data mentions about how to basically promote use of drones for multiple purposes in agreement, especially at the crop level at the farm level right so it's for example like say assessment of crop crop status. Or digitization of land record spraying all these are use cases which at startups we had been exploring for quite some time. And with government intervention, I think we would we should be able to basically make it scalable and sustainable. So this is this is quite welcome. And on that front right. Also on say agritic startup companies who are engaged in basically delivering advisory solutions to farmers, right, they will be supported by the government so basically in terms of technology acceleration right so basically digitization of agriculture per se right. So, and the entities which are engaged in that they will be supported that way again, a quite happy outcome of this budget for us. There had been a lot of conversations around NABARD for the supporting agricultural startups agritic startups and also making them part of various plans under them right. So again, which is, which had been happening, but a clear guideline from government had always been correct. I would also very surprised that government mentioning a lot of other initiatives that agritic companies have taken right so you know startups which are supporting FPOs, which are supporting farm rental rental kind of services, that is going to promote basically mechanization. Other IT based supports that farmers are getting so all of these and covering all of these things under financing under NABARD was quite welcome right. So, I would say that there are other things also which are welcome and I know there are regular things like extended credit or you know pro allocating say more money and to farmers and MSPs all these things are I would say what is getting continued. But there had been a lot of talking points for us in this budget as far as say agritic or technology in agriculture is concerned. I also think that the government has put emphasis on educating farmers and you know through the agricultural universities and also I think they want the farmers also to now get more engaged in terms of how they can on their own can help themselves right. So that's what so providing education to farmers okay through use of technology, I think had been one of the key aspect that had been right. We see that you know as there is there are going to be deeper penetration of technology dissemination of knowledge to farmers can know so there can be innovative and more inventive way to find this course right. So, a lot of knowledge that is there with agricultural universities in this country and other other such government institutions like tissue again can there are so many different institutions. Right, there is definitely there are definitely ways to link them with farmers and basically customizing that knowledge base as per the requirement of farmers right and with a lot of agritic companies exploring this exploring this field. A government intervention is definitely going to make sense definitely going to make a difference on how knowledge is reaching out to farmers. Thank you for joining us today and we have Sahil here. Yeah, sure. Thank you. Thank you. Hi Sahil wonderful to have you here with us and what a pro budget for the logistics sector I must say you know I've never seen the government being so pro to having a bigger and not just to the logistics sector but also to the enablement of the logistics sector so on one side we have a national highway network to be expanded by 25,000 kilometers. And of course, rupees 20,000 crores which has been allocated towards that, but also at the same time you know there is the fact that we are the creation of the unified logistics platform and development of 100 new cargo terminals, I see that there's such a large play that is going to be there for the logistics sector and overall it shows the sentiment of the government towards, you know, amplifying e commerce amplifying the to see through this through these particular policies. So what is your take on it you know how how do you see this the current budget and probably of course new variations to this these policies will also come in the days to come. So what what is your take on it. So thanks a lot to sort of for having me and great listening to other people sort of comment on the budget. And, you know, as so ship rocket is focused on helping the long tail SMB is Andy to see brands ship better ship faster and ship cheaper. And then we actually do it like in like a data exchange right we don't actually get into the actual supply chain, we do it by connecting with existing players within the supply chain to make it possible. So in some ways it was music to our ears, you know just to understand and we know there's been a framework the government's been working on for some time. So it was really great to hear that it was sort of being formalized now. The fact that you know the Gati Shakti project where the government wants to really you know invest behind the growth engines of the economy, whether it is V2V trade or B2C. You know we've seen this play out in China, you know a few years ago as well as the US where road transportation ultimately is the most cost effective way of moving goods or real transportation for that matter. So really pleased to see such a big focus area within the budget. I think the fact that there's now more inclusive digitization schemes, the fact that there's more MSME credit, you know, expectation as well should also boost the small businesses from being able to go online, get payments, you know in a better fashion compared to a cash on delivery mechanism, as there's more digital adoption as well. So I think from a MSME, SME commerce logistics from that kind of lens, you know, very happy to see the focus of the government on this I think in many ways it's a big one, you know, from our perspective. Sure. And overall, I mean you know what are the changes what are the new trends that you see emerging in the logistics side. I know that quick commerce is certainly something that to look forward in 2022 it's just started probably in its real glory in 22 beginning. So what what amplifications do you expect to see over there. You know the word Gati Shakti which is speed of power and power of speed kind of says it right. And while I know it's aimed towards sort of national extension of the roads and making things move faster it's a, it shows that that's where the intent of the government is to make things easier. You know while the budget doesn't directly address quick commerce as such. But from an intent perspective definitely we think it's a great move. And from a trends perspective there's no question about it, you know, 10 years ago you wouldn't buy anything online right five years ago you wouldn't buy clothes online. You wouldn't then three years ago you wouldn't expect them to come tomorrow and two years from now you wouldn't expect them to come two hours later right so. So I think it's a matter of consumer behavior consumer preference and it's going to happen like there's no question about it. Okay so Gaurav let me ask you to jump in I mean you know we've now seen so many different forms of e-commerce and quick commerce being the more younger baby in the so to say Tao. So what as an investor how are you looking at making investments on the quick commerce side. I think in all honesty we're looking to truly invest for you know through several billion into this space people I think the mindset, you know I think style very beautifully articulated I think we weren't expecting. And now it's become a want right so you want to have it the same day you want to have it a few hours you know Zepto and, and others in a blanket, 10 minutes. So you know what you want. So it is truly integrating into our lives. And of course, you know, this is the way, and it is it you know when humans, you know when one asks people when we start getting used to something good, it is very hard for us to unwind and go back. Right, so it there's only one way. And I think, of course, you know, that is where we will be investing more and more I think ecosystems. And again, what I would talk about is the collective strength, and it is where the collective strength will make this faster ecosystem, more efficient. So what I say is that, though we will be investing in those huge amounts. It is important that different ecosystems, you know, shape rocket and other kind of players start to open up to each other, and just say how we can cross leverage the ecosystem to truly provide customers the benefit and grow, rather than each trying to do the same thing. Right, you know, we can all become, you know, 10 billion businesses, each of us, if we do it together rather than trying to do the same thing against each other. Well, sweat it out, as the same. So I also see that Ignatius here from 100 BC Hi Ignatius wonderful to have you here with us. As we were discussing that logistics is a big focus on the government side so what, what particularly do you see in from as an investor site. Are you looking at logistics and particularly as I was talking about quick commerce being, you know, the new, the new e-commerce that we are seeing emerging. So, how are you betting on it. For having me. Am I audible enough. Yes, you can hear you. Sure. Good to see, you know, certain people on the panel got a meeting before. So yeah, I mean, just please to see the budget there's a lot of actually a lot of tailwinds that will come from this budget, which are, you know, infrared, etc. Those they're going to benefit larger companies. But remember that larger companies are highly and more dependent on startups as we go along. So I think there's a huge push. I would feel an indirect push rather I mean if you really see the startup incentives there is hardly anything to talk about. To be honest, I mean, we wanted you saw taxation stuff which also affects a lot of people. Big ask, never got met. So I hope my ship rocket guys also have issued e-sobs and they must be hoping that you know this could get exempt, at least at the exercise level so I think that's a little bit way off. I think it'll come through, because the pressure is very high on the, you know, finance ministry as well as the government and it's a very clear ask me it's very fair. So I think it's a matter of time. One is that and I think secondly we had this whole thing about tax rates being very fair to, you know, unlisted as well as listed. We would have loved to see that happen. So I think it's good for the investors if that would have been the case. I mean the period could be different and one could keep the period longer for startups and unlisted vis-a-vis listed which is fair. But at least the rates should have been rationalized. There's some recourse in terms of the surcharge now being, you know, capped at whatever percentage but I mean that's a small thing as compared to had the rates been similar. But I think on the positive side a lot of stuff that probably people won't really realize right now. These are things that I feel that you know for this to take shape probably two, three years later you will see the impact of what the budget is right now. So I think a lot of positives here the momentum is going to continue I mean this is not any budget cannot stop or you know do anything to the startup investment pace that we've seen last year I mean 30 billion plus coming into the startup ecosystem. I mean this is only going to grow up right because if you see the world in India is the probably the lowest hanging fruit and everybody realizes that so it's a no brainer I mean I don't need to say this in more words I mean everybody understands that and it's it's now on an autopilot. And a lot of efforts of the government over the past five, six budgets. I think that is what has paid off and but yeah just to talk about the logistics space. We've invested a few companies in that and I was just talking to Tanmay Sahil about ship rockets initiatives with these startups and glad to know that a lot of corporates are now working closely with startups to disrupt some of these things and you know these are the things that you know we at 100x we work with very early stage bootstrap founders. These guys have dynamic ideas but not the capital they need capital as well as a little bit of mentoring to kind of take it to the next level. So I'm seeing a lot of you know offshoots which will be very positive you know so we are we are we are very Gungo I mean we made about 15 investments last year alone and hope to double it. Hopefully we can so I think that base is unabated maybe seeing enough startups should get funded will get funded so yeah I mean that's a little bit on my side. Sure thanks nation I also see millets getting a very special place in the budget this time so hopefully we're going to see a lot of more we to see startups in the millet space Sahil are you betting on that. I'll be honest you know there's you can you name the space and there is there is opportunity because I think that's more of a behavior shift you know today's population, everything is personalized you know your Facebook feed your LinkedIn feed your email why shouldn't your products be personalized I think that's the broad reason why D2C is just I think it's going to be amazing the next few years so why not millets right I mean. Sure, sort of over to you. Yeah so you know let me thank we have more guests coming in so God of thank you for joining us I know I just asked 30 minutes of this I think you already exceeded that time so thank you for joining us today and good to hear your views but with anything final finally to find out. Yeah, so no I think there was this question on the chat just I was going through right like considering yeah considering that it was a pandemic it has been pandemic year for two years, if I have to give you like absolute numbers. Last year budget allocation towards healthcare was around 86,000 crores and this year budget allocation towards healthcare was 86,200 crores. So it's up only by 200 crores right, which is like, but the point 2% increase so it is definitely not in line with what we had expected to be very fair and honest. See, in India today most of the expenses are out of pocket right 80% of the expenses are pocket and they're still not covered in ADD or ADC benefits. And there is no provision for a managed for you know exemption of tax and like a managed care kind of model. Plus, there was a lot of expectation on the healthcare infrastructure. But pushing in more pumping in more money there. One thing which definitely is good and is positive is they have intensified the manpower upskilling right for medical staff and medical entrance because right now. No matter what we say there is a huge shortage of manpower when it comes to supply a good decent quality supply. So I would say that definitely this was a right push when you talk about, you know, your universal accessibility and national digital health mission, etc. But I would say that healthcare industry would expect a lot more in importance or, you know, like, giving been given some more budget allocation in the coming days and of course easing the ease getting more tax benefits on out of pocket expenses as well. So yeah, these are my final thoughts. Thank you. Thank you so much for joining us here it has, you know, pleasure to have you and I know it is a shocker for all of us that healthcare has been really addressed the way we were expecting as well but we'll let you go. We have Saransh here to talk more about the healthcare. Saransh we were expecting maybe ADD will get more exceptions and all nothing happened. So, so what's your take. Yeah, sort of, you know, so so I run Nova benefits where an employee wellness platform centered around health insurance. I think just, you know, picking up from up Joe's point. I think I was just doing rough. The math behind the number, we're talking about less than 0.5% of the GDP being allocated to healthcare in a post pandemic world so that was definitely surprising. Overall, if I look at the budget. I think, while certain sectors definitely, you know, like on logistics, we had some great progress over it was still no big bang announcements, but it was still progressive in the sense of speaking as an entrepreneur in the ecosystem. I think the recognition of mental health that came out strongly for the government of India to kind of recognize mental health and put that at the forefront. I think about Joe mentioned about, you know, bottom of the pyramid and middle of the pyramid but even while there's awareness and the, you know, at the upper middle class middle class level, nobody actually uses it it's still a taboo. I think that kind of, you know, the finance minister speaking about it on television definitely helps. So I think mental health was one piece. I think climate change also I think we heard a good progressive announcement there the battery interoperability was very interesting energy as a service was interesting. I think the, you know, on a related point to battery interoperability, and the health register that they announced was a step in the right direction of health care. It's so fragmented today, being able to pull that together and kind of make it available to different healthcare providers will improve the access and the quality of outcomes. So I think these were two good initiatives. And then I think the third thing by I thought it was progressive was the recognition of the difference that the P and BC industry has made. There was there's a committee being put forward on how can this be encouraged furthermore. I also found it interesting that the finance minister talked about making it easier to shut businesses as well from two years to six months and I think that needs to be encouraged that needs to be made easier so that in enterprise doesn't work you can quickly shut it down and kind of move forward. So in that sense, I thought it was progressive and I, yeah I think on on ATD stuff nothing big bank nothing interesting. I don't think saving more tax anytime soon. Some of the crypto holders are going to be paying more tax but at least it's being recognized and that that that was, I think that that seemed quite interesting that the government when you're taxing something or at least recognizing it so that was quite interesting as well. That's a good point. So, thank you Sarah. Thank you. Thank you for joining us today. So we joined by Sunday Sunday from from Sunday. Yes, hi guys. Hi, hi, how are you. Hi, good. Hi, Cindy. How are you. So suddenly, you were expecting, you know, that he was should be promoted and they should get I like one of your three budget quotes and you were expecting that this factor should be given from impetus and also, apart from that the overall infrastructure infrastructure push when it comes to roads. It helps your business so what's your what's your take. Absolutely sort of so you know government had a clear call out in this budget. We primarily link to the EV and as it relates to public transportation. So there's a battery swapping policy, which they have announced as part of the budget budget. This will in our view encourage the adoption of electric vehicle when it comes to public transportation. And then, you know, we are talking about 10.10.7 lac rupees in capex by government, and particularly they called out 25,000 kilometer new national highway. While we do often complain about, you know, traffic, a lot of congestion on the roads, but reality is India is among, you know, while it is our fifth largest automobile market in the world. It is, you know, 60th plus when it comes to per capita automobile availability. So that investment in infrastructure, especially in highway will obviously increase the adoption of automobile. We wanted to we wanted to see more measures for the automobile industry. But if I see the glass half full, I would still say that, you know, government has been making easing out automobile industry policies as it is for the last six months or one year. If you recall there was a scrape policy, which was announced in line with the global peers, etc. So, so in all, I mean, you know, I think it's still good yet it looks like expansionary policy, which is one of the big factor which in general increase the adoption of automobile and one or two special call out for electric vehicles. Sunny, just a follow up question. So your, I know you send newer cars also but majority of your cars are old cars. So now that we move towards EV and if there is a push towards EV, will we see room and others, other such platforms? What do you do with the inventory of the old cars that you have? Because if you push us towards EV, it will take time I know, but still 10 years, 15 years. Yeah, so I think sort of then your question I would take in like a two part one is in terms of electric vehicle getting sold online. Yes, you're right. I'm in room and many other platforms are primarily used automobile. But our view is that electric vehicle, you know, even like Elon Musk, he does not call his car a car. He call it more like a software or more like you know, it is no different than a smartphone. And if you think about it, including the Chinese OEMs, smartphone industry has achieved tremendous growth by selling it through online. You know, when Henry Ford invented assembly line, that time having a physical dealership for a new automobile made so much sense. But with electric vehicle, we expect the new vehicle will see much larger adoption online. So that is one part of the question. So we think that will continue to happen. And we do actually already have seen in the last two years, the largest selection of EV vehicle making it to our platform. And especially we don't have physical stores. So there's no conflict of interest for the dealers. Second part is, you know, while EV may be growing, let's say every 100 vehicles sold in India for the next one decade to your point. You know, maybe larger percentage will be electric vehicle. But still, you know, US has been pushing electric vehicle since 99 since 2000 or almost since Iraq war, right? There were hybrid vehicle then, you know, and so on. Still, you know, it is not even in a double digit in terms of the total vehicle, right? In a new vehicle sale, maybe it is higher. So I think it will take time and especially the cost of capital cost of capital and real estate is so much more expensive in India. So I think it will take a while for EV to really take over in terms of number of units sold higher than the combustible engines. So I take your point, but I would like to point out that there are something for lobby, you know, the oil lobby and all that would also not allow EVs to come up that fast. Yeah, absolutely. I mean, you know, I'm sorry, I just like that quickly. You know, we don't realize it, but automobile actually account for 51% of total manufacturing industry of India. So it's a very, very large industry, right? And, you know, absolutely, EV has a very compelling value position and we are all in favor of it. But you cannot be, you know, the reality of the country in terms of how much depends is there in the legacy industry, that what is the cost of capital and a unique structural constraint of India. In our view, it will take a while for the adoption starting to look like more industrialized country. Okay, so much Sandy before we let you go one final thought and overall scheme of things that you've heard in the start about the startup ecosystem in the budget. Was it enough or were you expecting more? See, I think, look, I think it was enough, you know, I mean, we are inch wide mildly into the startup ecosystem. So we want to see the budget to be fully reflection of that. But 1.3 billion people who have not touched the startup ecosystem yet. So I would say overall a country talking seconds, we are talking about nine, you know, at a finance minister level re-itrating nine, 9% and change GDP growth, which is great. The capital gain coming from let's say if I if I sell my equity or stay shareholder sell the equity, the surcharge getting limited to 15% versus it could be as high as 26% in the past. That is good. I know a previous speaker before me mentioning about, you know, government recognizing the role of VC and PE and many other things. You know, this is this has been almost a half decade of very encouraging body language and posturing from the government side. So, you know, and beyond that I would say the best thing government can do is really let us do our part and kind of stay away when you start bringing too many policies. The innovation can take, you know, innovation can take some time backseat. So I think in my view it was, you know, it was really I think it was quite balanced. Thank you for joining us today and thank you so much. Thank you. And thank you, Cindy. Those are wonderful views and surely I think great things going to happen there in the auto space and particularly the EV space so thank you for joining us today. Thank you. Good to see you and thank you for having me. So I'm going to come to Anil Nagar. Anil Nagar has joined us from ADAA 24-7. So, you know, a great sort of a budget for the tech sector we see great recognition coming for it. One channel, one class, one TV channel program, EV with their under the EV with their scheme. So I think the whole impetus of the government really in the budget is to re-skill our population for the digital sort of transformation that's happening very rapidly in the country. And also at the same time, you know, kids who have fallen back in terms of their education, the way they were taking their education, how to sort of cover that up. What are your thoughts on it, you know, what kind of collaborations particularly I would be very interested in knowing because, you know, as the pandemic ceases or becomes lesser in its intensity, we'll see children going back to school, the students going back to colleges, universities. So given all of that, how do you see a more collaborative working between ed tech and the formal education sector coming to happen so that the larger goal of, you know, amplifying education in the country is achieved. Yeah. So, first of all, I would like to say that by mentioning these few steps that you just mentioned, which is all digital university and opening new channels. I think one of the most important thing with government has done is recognized in a way that our kids have suffered quite a lot in the last years. We, while as an education company, we look at the complete spectrum of strata economic strata as well as demographics. What we realize is that people who come from smaller places people who are coming from rural areas, their kids have suffered quite a lot. The situation is actually very bad. And so we, for example, we as a digital education company we think of various solutions, how we can take education to those places how we can make more affordable maybe we can make free for the time being. But there are challenges there. And while government has announced a few steps but I still feel that there are areas where a lot of more work is required to be done. For example, one of the area which we identify and we clearly see that which is coming as a blocker for our kids who are coming from rural areas in terms of access to quality education is the device thing. What we have seen is that mostly these guys access education through mobile and in rural areas, either there is no mobile or there is one mobile which is mostly the parent father or mother. So how any anybody in the family how it is going to access education, even if we think of providing that education for free. And now when government is saying that we are thinking of a digital university and we are thinking of multiple channels. So, so I think this is one area which I found slightly missing in the whole scheme of things. Government should have come up there with some kind of scheme or some kind of facility, so that these guys can have some device through which they can access education. And, and, frankly, this is this is the feeling all of us have at 247 that these kids have really suffered in last two years, almost has been like a normal course if you you let's say you're learning 100 things. They've hardly learned 10 to 20 things only in these two years. So that's one good thing is about the channel part, I will say where government is thinking of coming up multiple channels. What we have seen is that in many cases, people still have TVs at home, and where this education becomes relatively accessible. So, so I will say this is one one commendable gesture, but ultimately implementation matters and fingers crossed with that. And of course, then you know the government is also planning to set up digital universities, which is to be done in collaboration with a lot of other existing education institutions. Do you also see, I know and I mean he has been given more power, and recently we know that they were sort of trying to bring a demarcation between a tech startups and education institutions. So actually, where do you think the whole play for education is going to be you know what what space is it going to take up in the future. You know, as I said once the pandemic ceases and people go back to schools to their formal education. So, what, how is the play going to change a bit in 22. So I think this is this is the future, this is the right direction digital university is definitely the future, because when we are thinking of a university we are thinking of grown ups, people who are in this group of let's say, 17 plus or 18 plus, and where this devising is not a challenge. And what we have seen is that in terms of learning in terms of getting the world class education digital can digital is the only video which can be that gap. Before distal era, we were very dependent on local things and local pedagogy and isn't all but now this distal thought process, thinking of bringing education at a global level like some something for example nowadays, you can see that even universities like Howard or Stanford or Oxford, all of them are even on various digital platforms. So this is this is going to revolutionize the way we learn and the way we admire education. And while we were talking of the collaboration I think this has to be a collaborative approach, what I have seen in my past experience in education in the last six or seven years that entrepreneurs are more or entrepreneurship probably is the right way to execute things, rather than being dependent on government machinery for operations or operational execution, giving, making our laws making our systems flexible to that and open to participation of entrepreneurs and the whole ecosystem that that's going to be helpful. But I think, given the freedom and given the right direction to entrepreneurs in the country, they are capable to execute and revolutionize the whole space. Totally. Thank you very much, Anil. And I'm certainly looking for great things to happen in the education sector. And of course, I think, you know, it's the bottom line, it's the foundation of virtually everything that happens in the country, whether it's entrepreneurship or whether it is, you know, professionalism. So I think it's all kudos to education sector and particularly a tech sort of leading the bandwagon there. Thank you for joining us today. I'm going to ask you this, you know, we've seen so many new sectors being given impetus to in the, in the budget, whether it is EV, whether it is a tech, you know, I mean, particularly the a tech what we've seen I've never seen so much impetus being given before. And, you know, and crypto, that was totally, that totally came out of a surprising situation. I didn't even think they mentioned crypto in a budget, otherwise let alone the budget so it's good to see you know government sort of recognizing that. So, how do you think it's going to pan out the new sectors, particularly with the government to be this in the times to come maybe in the six months what do you see changing. Yeah, no, I think it's a very interesting discussion, Ritu, you know, because we deal with these very new startups so we get these whole, you know, dynamic disruptive founders bringing to the fore. And precisely the reason why there's been so much buzz around crypto and confusions that government felt it that probably the best attention on this can be in the budget. And though we all knew that you know the bands on the crypto would never come. This is a good way of saying fine you know we'll start taxing you at 30%, which is fair nobody's going to really object to that. That kind of steers clear sort of confusion in the market right and then now, because there are very large exchanges India's youth is getting involved with the whole crypto space, and more is going to happen like we are slightly behind the advanced countries in that respect and this is probably the only way more and more people can come to the force I think I see it as a, to me it was expected. We were looking at some announcement before the budget as well but I think the government did well to kind of bring it up right on the budget day to obviously set it as a lot of concerns. On the other side, a lot of new sectors we've been seeing, and this would be relevant, you know for a lot of people who are attending now, a lot of new businesses are emerging like you know, we've seen a lot of stuff happening in the services tech so if you really see apart from the core, you know, sectors services sector is obviously taken a little beating but then I think it will go to bounce back very soon but we are seeing a lot of innovative stuff happening in the services tech, you know, like facilities management, a lot of innovation happening there because India has been an underserved market even from a services sector perspective as we know. So as much of innovation that we are seeing I think services tech in its own category will see a lot of startups coming up and you know, Shiprocket obviously being one of them, you will see more and more of services tech happening on various sectors. You know, small, small sub segments of the D2C and other such trends are you know things like pet space and you know these are things that VCs are already funding it's a very interesting space. You will see large companies coming out of these new businesses so and tech also like you know even young adults investing within FinTech. FinTech has got various tentacles right it can just go on and on and on and you could you know see multiple innovative companies we funded one company in the young adults investing space with parental supervision. I think a lot of young adults want to understand investing, but they really are clueless about how to do it and more importantly the parents don't really know what their kids are actually doing. So you know a platform like this, where you could have young adults investing with parental oversight, a new concept though in things like these are coming up in FinTech, you know, young adults are also understanding the importance of savings, retirement investing in various forms, I think a lot of offshoot businesses are happening there so I think those are some of the schemes and while you know AgriTech as a sector has seen startups. It's a slow thing and it's very deep, very wide for things to make impact it takes longer gestation periods. So you will see that happening but the pace would not probably be the same as other sectors that you've seen so I think that will still take some time but yeah I mean those are the things and of course B2B Enterprise SaaS is something that we've already seen a lot of innovation happening, very deep tech innovation, things like you know user generated content in you know AI voice vernacular etc. I think a lot of those trends are very important and you will see government slowly opening up to these and these are still catching the attention of the government. So I think but more and more as the startup ecosystem you know we call it the 2.0 now the next decade, we'll see some of these things getting attention of the government. Sure, thanks so much Ignatian certainly looking forward to some great things happening in 2022 post this budget. Thank you for joining us today. I'm also joined by Akshay Singal from Log 9. So Akshay of course EV has been the talk of the town and I see special impetus being given to battery swapping policy, which of course is very important for the entire EV network to develop at the pace that the government really wants it to happen. So what is your outlook on the EV space and particularly with the new policies that are announced in the budget, how do you think it's going to get a one up. Thank you for having me here in the panel today so actually the budget was, I would say a bit of a delight as compared to previous visits in that sense it has been very progressive from the EV standpoint, and a lot of people were waiting to kind of a scenario where in the batteries actually decoupled from the vehicle, while swapping is one way of doing it, but what is required is financially decoupling the battery pack from the vehicle comes as a fixed battery inside the vehicle itself because the real hit of like the real financial hit of buying an EV is actually residing in the higher cost of the battery itself and if you can financially decouple it means of swapping or by any other battery subscription means that is very, very important for adoption and while we have our own concerns around swapping the concept in terms of safety in terms of reliability of the battery packs and the reliability of range and performance towards the customer but decoupling the battery pack financially is very, very relevant for the ecosystem to really grow and that is a welcome move. One thing which is also setting up financing like government enabled financing or blended financing which has come up as an announcement today of climate related activities. Basically supporting those activities through government enabled financing is a very welcome step and in general the government very proactive towards climate action, which was also reflected in the COP26 announcement by the Prime Minister, wherein he said that we will be going towards 500 gigawatt of renewable energy generation in the country as compared to 150 gigawatt that we have today. So that all of those steps are phenomenal, but I would still resonate with Sorry, I think my network was poor for a bit. So I was saying that I agree with the point which was raised by one of the other panelists regarding the ESOP taxation piece, which has been an expectation of the overall startup ecosystem around with the budget over the years at least for the last three, four years that I've seen it. And the other part was still a lack of announcement or commitment towards growing R&D across the core industrial sectors. So while incentives are being given towards adoption, but still we are lacking that push towards local innovation and digitization by means of R&D so that still remains a point which we will look forward to having announcements around in the next presentation. And how do you think the adoption can be more universal for EV adoption overall? I mean because we know that the metro has its own trends and then metros are first to adopt and then it goes to tier one and then tier two. But from a perspective of somebody who is working on the EV side from the EV industry, that's actually a very long haul process. So any special efforts that you think that are happening which may not have been announced in the budget, are likely to be announced later at some point of time, which will actually help in a more universal adoption of EV instead of just going or trying to address it face by face for various markets. Absolutely. So if you look at the tier two or tier three towns or cities and even towns after that, it is not that intent to go electric is not there. A lot of people really want to adopt EVs. There's a general excitement around electric vehicles. And especially if you look at the low speed two wheeler segment, for example, you will see phenomenal traction that is happening in tier two, tier three towns. And people are taking about a surprise where there's a small tier two town in Karnataka called Chikmangu, which is also a hill station, right? I was visiting that last month. And I was surprised to see around seven or eight two wheeler showrooms on one road itself, like in that town and the electric two wheeler showrooms whichever which have popped up over there. So adoption is happening, intent is there. What will make or break this scenario is that the point is what has happened in the EV case where the TCO already is lower, the cost per kilometer is lower, but the upfront cost has been a barrier. Now, by the government has done already a lot in terms of providing incentives or subsidies to lower down the cost by based on the battery sizing and all of those things. What is required is that how can we decouple the battery part of it because essentially battery is the fuel, right? That is what is driving the vehicle and if there can be models and there can be support to make it available in a subscription scenario rather than asking the customer to pay for it upfront because batteries also something in the typical case although our batteries last for 15 years and beyond, but in the typical case in general if you look in the EV scenario, these batteries will not last more than two to three years time period. So then the customer will have to go for replacement. Now, barely they have been able to, especially in the last mile, two wheeler, three wheeler kind of space where we are seeing a lot of traction, right? These customers, these drivers who are basically earning a livelihood by doing customer deliveries, they've barely been able to arrange financing for upfront costs of the vehicle itself. Now, after three years if you tell them that boss you have to invest 40% of the vehicle cost again and buy a new battery back to keep on running the right vehicle in that sense that is not possible. So subscription makes sense wherein they are only paying a monthly per kilometer fee to be able to run the vehicle and then the larger base, larger population will be able to relate to the benefit of EV in the larger sense. How do we, how does it compare in terms of the cost of petrol per kilometer versus the subscription cost of the battery or the charging cost in an EV scenario and that would really, really drive adoption, which requires very significant amount of financial engineering and incentives from the government. I think that was missed out again, and it was expected from the EV industry was to include electric vehicle financing as the priority lending sector in the Indian context. But that was, that was something which was missed out and these kind of scenarios coming in will really push for EV adoption. So I think wonderful thoughts are there. Actually, and thank you for joining us for this entrepreneurial 2020 budget review. Over to you sort of as we go on and touch the sectors as well. Thank you. Thank you. Thank you so much. So I'll go to Roland. Roland, no announcement as such for the gaming industry, I know, but is that good as well because as one of our speakers was saying that more and more rules when they come in, they make the space more complicated. So let us, and that disrupts innovation. So do you think it's good in a way and what's your overall, overall, you know, observation towards what has been announced for the startup ecosystem. Thanks for having me. Yeah, there are four points that I would like to touch upon, not as you rightly said, not directly. There are no announcements that impact the industry directly. But yeah, first one is the announcement of the AVGC task force. Now as you know, AVGC stands for audiovisual gaming and games and comics. Now, the games that you know come under the AVGC are pertaining to game development and as we know, there are in the excess of 300 studios games studios that develop indigenous games as well as you know there are large global studios that are developing games in India. So I think that task force will boost the gaming sector as far as game development is concerned. And, you know, currently, it is 10% India holds 10% of the global AVGC market. But that has potential with this task force, you know, trying to in place eventually, it will give a boost towards, you know, going towards maybe 1820% of the global market. That was the first thing I wanted to say. The other point is that they've announced that there will be the auction of 5G in 2022. Now what the gaming as a sector will benefit directly because with 5G is obviously there will be faster, you know, data speeds. There will be less latency and the entire gaming experience for the consumers is going to be extremely highlighted and and because of that. I think the entire experience for gaming and you know the adoption of new technologies that 5G can facilitate with AR, you know, and VR and AR also. So all those things would give the consumer a much better experience. That was the second point. The third thing is that, you know, the extension of for, you know, tax benefits for these startups. And as we know the online skill gaming industry has in the excess of 300 startups, you know, because there's no entry barrier so there are so many and some there are also some unicorns but mostly startups you know operating in this phase so that I think also would be a benefit that the gaming startups can can derive from. And the fourth point is this the announcement of the, the central bank digital currency, the, you know, the rookie. There I feel that you know eventually what will happen is the micro transaction so you know in the in app purchases that happen in the gaming, you know, that's one of the revenue streams as well. And so, so you know this, the smaller transactions I think would help the overall momentum and I think this would lead to the ARPUs going up, you know, because we are one of the lowest markets as far as you know gaming spend seconds and close to 150 to 100. And that I think with this launch of the, you know, digital rupee currency, this would give a boost to the gaming sector so these I think four points. I think are going to help the overall gaming industry and the icing on the cake obviously would be that AVGC can be expanded somehow to include the you know the online skill gaming, even the transaction side and then I think that could be that would be the, you know, the, the ask of the industry, but these were the points that I wanted to highlight. Thanks, Aurob. Yeah, great, great points. So, so I think but step in the right direction, I just said that it can be expanded I mean that but, but these are great stuff as you said 5G, when it comes in it solves a lot of problems in terms of, you know, not only developers but also we as users right. Absolutely, yes. Yeah, as I said, you know, as of now, if you look at the the online skill gaming side and if you don't look at the you know the very immersive type of games, which are also equally, you know, consumers are lapping it up even on their handle devices. So, and this is happening in the, you know, 3G 4G scenario. Now imagine if there is, you know, the 5G in place after the financial year 2223, then it's going to be a game changer for the entire user experience. And that I think would lead to a lot of you know this entire thing about and then add to that the digital currency. So this transactions and if you look at the revenue streams, which are, you know, mostly the large part 75 to 80% is the pay to play formats or subscription like that obviously, you know, is growing at in the excess of 20% CAG area. Then you can look at the, you know, the in-app as I said is one of the low markets, but India is also the second largest download market in the world. But that entire thing, you know, would give this entire value chain a huge fill. So 5G coming in and then you know you have the digital currency, the in-app side of things that revenue coming in from in-apps and also the ad-driven revenues I think would, you know, go up significantly. Thank you so much, Rohan, for joining us here and giving really perspective, which I also didn't, I don't have thought about, you know, that how giving can benefit from the other announcements, indirect announcements that have been made. So thank you for joining us today. Hope to see you again. Welcome. Pranav, I'll come to you next. Yours, you know, the hospitality, I mean, we have, we heard earlier also that there is a provision of another 5,000 crore, which will go to the everything, but is that enough? So firstly, thank you for having me on the panel sort of. As we all know, I think travel and hospitality industry has been one of the worst hate industry in terms of the pandemic coming up in the world. But then yes, this 50,000 curve extension in the ECLG scheme will definitely help the small operators. As we understood that the market has seen a lot of players opting out of the hospitality industry, I think around two out of five hotels, small hotels in the country got shut because of COVID. And this particular scheme should definitely help. But then, I mean, to be really honest, the industry really expected a few more things to be there in the budget. For example, the tax scheme is such that, I mean, below 1000 rupees, there are no taxes and the industry really expected it to be increased to 2000 rupees so that the supply, I mean, the demand was always going to be there. As we understand, I think around 35% of the industry sells below 2000 rupees and a little extension on that particular tax structure would have helped creating demand. But then, I mean, as you know, I mean, the travel and hospitality industry has always been there in the market fighting the pandemic and feel that a few things in this budget has also been positive for us. I think, I mean, for a strong base and foundation, the ECLG scheme extension would definitely give a boost to the entire industry. No, but do you think that, you know, the reason could be that as you said that the industry, most 35% of its below 2000 rupees and that would have been a huge amount of tax that the government would let go possibly. And we are at a time when we need more tax collection. So do you think that could have been been there but any other way it could have been complicated for you? No, so what I think is, I think only 35% of the industry is below 2000 rupees average daily rates. The first and foremost priority for any government and especially the industry is to get those occupancies higher up to the level which was pre-COVID. And I think the remaining industry sells well above the price segment and the priority is to save a lot of jobs which are created through small hotels. The keys, I mean, a key where the sizes are below 25 keys. I think those are some of that particular segment where a lot of job generation also happens. And because of tax saving, I think the customer demand would have been retained. Jobs could have been maintained and all those things could have benefited firstly the industry and as well as I mean the entire sector and the government as well. So I feel I think if we do not look at it from the point of view of tax losses to the government and probably look at it from the point of view that the industry could be benefited. I think that could have been the priority at this moment. All right. Thank you for joining us. I know the hospitality sector was expecting a lot more and the budget seems to be a little short in promises for the hospitality sector. Thank you so much. We'll move to Madhu Sridhar. Madhu Sridhar, thank you for being patient and awaiting your turn. Madhu, first your reaction. I mean, there are small little bits which I want to talk about the payments and the entire print sector. But what's your first reaction? Because in the very beginning of the budget speech, you know, the finance minister said that promoting digital economy and print tech technology level development, energy transition and climate action will be one of the focus areas. Yeah, definitely. Thanks for having me here and it was kind of a welcome move in certain indications. So what we saw, at least specific to the startup and the fintech space, if you are considering, one was the announcement on the cryptocurrency. I mean, the budget session I've been having an announcement towards crypto and then trying to tax it at 30% on any kind of a gains. What was kind of a little bit was I was taken by the surprise because I thought like it would be part of certain bill but FM kind of announcing it gave an indication of the acknowledgement of that entire asset. Right, so it's a very growing asset with almost I don't know 10 crore plus investors who are there and therefore this was acknowledged very well by the government. But if you look at the tax regime what has been levied on it, I think it's a kind of a lot of deviation that with what we have seen as in like there is the LTCG that could have been at a lower level. And also the losses should have been allowed to kind of carry forward which happens in the equity market or any kind of other investment market including the housing and whatnot. But I think those has been kind of curtailed and it's a flat 30% on any kind of a gains. So it's in a way that you know what is it's a large deviation so it at one point it shows that there is an acknowledgement from the government and we could very much see there is some kind of a crypto bill which will, which might accommodate the private cryptocurrencies in some form or the other is a one indication what I kind of take away from that the second thing is, they're also not too happy about it because the taxation is kind of little harsh on that particular asset and therefore, the encouragement to the individual investors to invest more is is not on par with how they would have encouraged in case of that really kind of acknowledge it with a full heart. So that's that's one thing but but all in all it's a first step, at least at least the crypto investors should be somewhere happy that you know how things are going to be fairing in the in the upcoming year. The second thing was, you know, when we look at the other announcement about the digital currency what they're going to launch the RBI back digital currency, and also there's a 75 digital units, which they want to set it across 75 different contexts. So it's it's all kind of going, giving a lot of acknowledgement from the government about this growing astronomically growing fintech world and also the, you know, the kind of revolution or evolution what what this fintechs are bringing to the way the the payments are done where the banking is done, where the lending is done. So I think somewhere government also wants to be part of such such initiatives what the people also have kind of participated very actively. So those initiatives, also part of the digital India campaign what what they had announced earlier, it seems like a progress of that digital India campaign. So, so there is there is an indication that the people are evolving to kind of are accepting such digital way of doing the banking heavily and therefore the the budget also kind of takes notes of that and announces around that right so that's the second part of the fintech or the digitization but overall startups may there was there was one announcement regarding this, the tax break right so earlier it was like the startups which are kind of incorporated till last financial year were able to get this tax break or till for for three years in the next 10 years of operations or so I think that has been given an extension for one more year. I think that's that's a very good indicative of you know startups play a major role in terms of job creation and also inviting a billions of dollars as investment to the country. And therefore they want to give a boost to such initiatives so therefore they have extended the tax break for companies which are getting incorporated in this financial year as well. So all in all I feel that you know there's a lot of acknowledgement and and a positive indications towards startups and the way the fintechs are kind of evolution in the or revolution in this particular banking space. India is a huge country with so many so we have a long way to go in terms of fintech so you know, so finally, final question, anything that you thought would be there and wasn't there and you expected you know could happen there to maybe to maybe spur growth of fintech. I guess you know the I think the regulation is a major one of the key things for fintech evolution so of course you know that's not part of the budget but overall what I would say as an initiative that the government should takes is the regulation which has to come in keeps a lot of times a new industries on kind of a surprise mode or an anticipation mode. I mean a lot of different things people are anticipating for years I mean whether this industry is going to grow or not. So some indications and some responses at a little bit of a faster pace makes the entire mood to settle down in these industries and also helps this P or VC community also kind of bank on or invest on such industries in a much earlier fashion or you know it should give an indication earlier this is a no go the government and the regulator doesn't want it so therefore you know there can be a kind of a mood set and then need not to kind of progress but overall the anticipation period of regulations to come in not come in that particular phase has to kind of further reduce which will greatly help for all this new economies or the new fintechs that are kind of coming up. The second thing was I'm purely a lender right so we are a lending platform and with the with the nbfc within the in-house and has a lot of operations on the nbfc so further liquidity to kind of support because it was not just the wave one there was a wave two plus wave three but God's grace that it's kind of already kind of pivoting down but any liquidity measures would have further boosted this particular digital lending and digital economy. But all in all I think I think it's it's it's it's really a fair thing what what they've announced so these are the two key anticipations what I have to fuel the growth of the fintechs yeah. Thank you. Thank you Madhu for joining us here today and for sharing your news. We hope to see you again in our future webinars. Thank you for taking. Thank you. Thank you. Thanks. Thanks a lot. So overall I think what we've seen that it's kind of a mixed bag I think the hospitality sector has it's not really happy about it but you know maybe agriculture is agriculture is thriving healthcare again is not it's not very happy so your final thoughts before we wrap up. No I think it's a budget which is working on try tropes I feel you know it's tried to benefit a lot of sectors but of course you know you have to give it to the government they themselves have been fighting a pandemic they've been spending huge amount of money on healthcare in general and therefore you know right now if you know we were expecting the government to sort of be distributing or or gifting money to a lot of sectors that was not anticipated but I feel overall from what they have done particularly to boost the startup sector where they see a lot of funding coming it is a sector which doesn't rely on the government or doesn't rely upon subsidies to sort of see them through. So it's a sector that sort of going out there and you know pushing the wall and trying to do a lot of new things experimenting and in turn helping the economy and the country and changing the way things happen around us so I think government is all for it and probably it's a kind of a budget which will probably see its impact more in the long run. Maybe in two or three years we'll be able to really see the budget allocations that were made how they're going to be fruiting out and how they're going to sort of give their due to various sectors that have been picked up. EV is something I'm very gung-ho about and I feel it's only a matter of time before a lot of us all of us adopt move from combustion engines to EV vehicles and I think government wants us to do that too. Similarly it's for ed tech and health care. The idea is to, as Nirmala Ji was saying in the morning, the idea is less government more governance and this budget sort of talks about that in a big way. And overall I think it's a good budget given the circumstances and the times that we're living in and hopefully will only help the economy to see a bigger boost. Thank you so much and thank you to all our listeners to join us today and I have said that it's a budget which will take a long time to show its effect and budget documents also take a lot of time to be decoded. So over the next three, you know, two, three weeks we'll be decoding most of which will come out for other sectors and we'll keep updating through our website entrepreneur.com. Thank you so much.