The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated 18 paise to 81.08 against the US dollar in early trade on Friday supported by a weak dollar in the overseas market. Forex traders said weak domestic equities and foreign fund outflows weighed on the local unit and restricted the appreciation bias. At the interbank foreign exchange, the domestic unit opened at 81.11 against the dollar, then gained further ground to touch 81.08, registering a rise of 18 paise over its previous close. On Thursday, the rupee appreciated by 4 paise to close at 81.26 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.01 per cent to 104.71. Brent crude futures, the global oil benchmark, advanced 0.22 per cent to USD 87.07 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 259.39 points or 0.41 per cent lower at 63,024.80. The broader NSE Nifty fell 71.60 points or 0.38 per cent to 18,740.90. <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Thursday as they offloaded shares worth Rs 1,565.93 crore, according to exchange data. Meanwhile, the collections from Goods and Services Tax (GST) grew by 11 per cent to about Rs 1.46 lakh crore in November. This is the ninth month in a row that the revenues have remained above the Rs 1.4 lakh crore mark. However, the collection in November was the lowest since August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/oldest-and-youngest-companies-of-india-as-per-hurun-2022-report-check-out-the-list/articleshow/95926624.cms">234-year-old company EID Parry is only a tad more valuable than year-old unicorn GlobalBees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/top-10-most-profitable-companies-in-india-in-2022-according-to-hurun/slidelist/95912364.cms">Top 10 companies with the highest net profit in India as per Hurun 2022 list</a>

Rupee gains 18 paise to 81.08 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 8 paise to close at 81.22 (provisional) against the US dollar on Thursday on broad dollar weakness after <keyword id="9106308" type="General" weightage="20" keywordseo="Federal-Reserve-Chairman-Jerome-Powell" source="Orion">Federal Reserve Chairman Jerome Powell</keyword> said the pace of interest rate hikes may slow. Forex traders said <keyword id="441091" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="Orion">foreign fund inflows</keyword> and a rally in domestic equities boosted investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback. The local unit finally settled at 81.22, registering a rise of 8 paise over its previous close. On Wednesday, the rupee closed at 81.30 against the US dollar, on month-end exporter dollar selling and MSCI rebalancing related inflows. "The Indian rupee started the new month on a front foot following stronger Asian currencies and risk-on sentiments. "It has gained in three out of the last four days as the dollar index slipped to a three-month low after Fed Chair Jerome Powell confirmed the pace of interest rates set to slow along with China easing the COVID restrictions," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that in the near-term, spot USDINR has support at 80.72, the 100 days simple moving average and resistance at 81.91, the recent swing high formed on November 21. The bias remains bearish for the pair as long as it trades below 82.10. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.41 per cent to 105.51. Global oil benchmark Brent crude futures declined 0.10 per cent to USD 86.88 per barrel. On the domestic equity market front, the 30-share BSE Sensex advanced 184.54 points or 0.29 per cent to end at 63,284.19, while the broader NSE Nifty gained 54.15 points or 0.29 per cent to 18,812.50. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 9,010.41 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byju-oyo-ola-serum-swiggy-among-top-10-valuable-unlisted-companies-in-india/slidelist/95910460.cms">Serum Institute of India, BYJU’S, Ola, OYO among top 10 valuable unlisted companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/top-10-companies-based-on-highest-revenue-in-india-as-per-hurun-report/slidelist/95910204.cms">Top 10 companies in India with the highest revenue in 2022, according to Hurun</a>

Rupee gains 8 paise to close at 81.22 against US dollar

The <keyword id="6355302" type="General" weightage="20" keywordseo="Rupee" source="Orion">rupee</keyword> appreciated 7 paise to 79.92 against the US <keyword id="35208" type="General" weightage="20" keywordseo="Dollar" source="Orion">dollar</keyword> in early trade on Friday as a firm trend in domestic equities and fresh foreign fund inflows strengthened investor sentiment. However, a strong <keyword id="160764" type="General" weightage="20" keywordseo="Greenback" source="Orion">greenback</keyword> in the overseas markets capped the gains of the local unit, <keyword id="6358355" type="General" weightage="20" keywordseo="Forex" source="Orion">forex</keyword> traders said. At the interbank foreign exchange, the rupee opened up at 79.95 against the American dollar, then gained further strength to trade at 79.92 in early deals, registering a gain of 7 paise over the last close. In the previous session, the rupee had closed at an all-time low of 79.99 against the greenback. The local currency was moving in a range of 79.95 and 79.88 in the morning trade. On the domestic equity front, the 30-share <keyword id="6484188" type="General" weightage="80" keywordseo="sensex" source="Orion">Sensex</keyword> was trading 282.93 points or 0.53 per cent higher at 53,699.08, while the broader NSE Nifty advanced 82.95 points or 0.52 per cent to 16,021.60. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.03 per cent to 108.57. Global oil benchmark Brent crude futures rose 1.19 per cent to USD 100.28 per barrel. Foreign institutional investors turned net buyers in the capital market on Thursday, as they bought shares worth Rs 309 crore, as per exchange data. Meanwhile, wholesale price-based inflation eased to a three-month low of 15.18 per cent in June on a sharp decline in the prices of minerals, but food articles continued to remain costly. June is the 15th consecutive month when the wholesale inflation was in double digit. In May this year, it touched a record high of 15.88 per cent. In June 2021, it was 12.07 per cent. <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s current account deficit is expected to deteriorate in current fiscal year on account of costlier imports and tepid merchandise exports, a finance ministry report said on Thursday. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indian-green-blockchain-startup-raises-100-million-turns-unicorn-in-a-crypto-bear-market/articleshow/92850567.cms">Indian ‘green’ blockchain startup raises $100 million, turns unicorn in a crypto bear market</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/iamai-dissolves-blockchain-and-crypto-assets-council-to-no-longer-represent-crypto-exchanges/articleshow/92880182.cms">IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges</a>

Rupee makes a small comeback, gains 7 paise after hitting a new low of 80 against the dollar

<keyword id="6358070" type="General" weightage="20" keywordseo="Mumbai" source="Orion">Mumbai</keyword> maintains its top spot in Top 100 Emerging Ecosystems' list as Indian <keyword id="6362513" type="General" weightage="20" keywordseo="Startups" source="Orion">startups</keyword> raise 12.1bn in first half of 2021. <keyword id="6354968" type="General" weightage="20" keywordseo="London" source="Orion">London</keyword> and New York are top cities globally to build a successful tech company outside of Silicon Valley Bangalore-Karnataka ranks 23rd globally while Delhi comes in at 36th in the top list London ranks highly for funding, talent, and connectedness in latest Global Startup Rankings by Startup Genome London tech firms raise record levels of investment in 2021, already more than the whole of last year London, Mumbai and <keyword id="6355033" type="General" weightage="20" keywordseo="Bangalore" source="Orion">Bangalore</keyword> have featured among the world's top <keyword id="3475004" type="General" weightage="20" keywordseo="Startup-Hubs" source="Orion">startup hubs</keyword>, according to a comprehensive ranking of international startup hubs compiled by Startup Genome for its annual Global Startup Ecosystem Report 2021. Despite Brexit and the coronavirus pandemic, London maintained its second-place ranking tied with New York for the second year in a row. Bangalore also ranked in the top 30 global tech hubs (#23 globally) and Delhi made it into the top 40 list, coming in at 36th. Mumbai maintained its first position in the Emerging Ecosystems ranking (ecosystems in earlier stages of growth that have high potential to be global performers in the future), outperforming other fast-growing ecosystems in areas of funding, performance, market research and talent. Released to coincide with London Tech Week, the largest tech event in Europe, the report ranks the leading 140 startup ecosystems based on seven success factors including Performance, Talent and Connectedness. The findings revealed that London is the most attractive destination to set up a tech startup outside of Silicon Valley, with an overall ecosystem value of 142.7bn. London has risen up the league table in the last few years, climbing from number eight in 2012 when the first rankings were released to number two in 2020. Silicon Valley held onto the top spot this year while Beijing and Boston came in fourth and fifth respectively. The research shows that Indian startups raised 12.1 billion in the first half of this year, demonstrating the rapid growth of India as a global hub for tech and innovation. As of August 2021, India has produced 24 unicorns in 2021, including 6 in just 4 days in April. The city of Bengaluru and the surrounding state of Karnataka is also the world's 4th largest technology and innovation cluster and home to more than 400+ global R&amp;D centres. Alongside Mumbai, a number of other Indian hubs made it into the Top 100 Emerging Ecosystems' list, including Chennai, Pune and Hyderabad. The findings also revealed London is one of the best cities in the world for access to funding and quality and activity in the investment ecosystem (referring to the number of local investors, investor experience and their level of activity). London has already seen record levels of VC tech investment this year, with the UK capital's tech startups receiving 13.3bn in the first seven months (January to July), more than the 10.9bn raised in the whole of 2020. London's impressive start to 2021 has been boosted by major funding rounds for Revolut (800m), Checkout.com 450m) and Hopin (400m). Bangalore's ranking was also boosted by healthy access to growth capital, demonstrated by recent large funding rounds from food delivery platform Swiggy (1.3bn), social media company ShareChat (502m) and edtech firm Byju (460m). Compared with other international tech hubs, the research found that startups in London have access to deeper pools of capital, with an average seed round of 653k, ahead of the global average of 494k. London is currently home to over 1,370 VC firms - more than any other European city, providing access to a vast network of investors and a depth of capital in the ecosystem. A number of global investment firms have also increased their presence in London recently, with Index Ventures announcing a 3.1bn fund for European start-ups in July and the news that Silicon Valley based VC Sequoia Capital had expanded its footprint in the UK capital. London is also recognised for its world class talent pool, with the city ranking highly across the board for quality and access to Tech and Life Sciences talent. With four of the world's top ten universities located in or close to London, the city is home to 484k software developers as well as a high number of Life Sciences-focused universities and degree programmes. The Mayor of London, Sadiq Khan said, London is a fantastic place to grow and scale a global tech business. We celebrate the diverse, international nature of our tech ecosystem and it is great to see our thriving start-up community being recognised in this report. London's tech sector has a pivotal role to play as we rebuild from the pandemic, and I am excited to be part of London Tech Week to discuss how our tech community can work with other start-up hubs to solve global challenges. In the face of Brexit and the global pandemic, London has demonstrated its resilience and proven itself once again to be one of the best places globally for tech innovations and start-ups. Janet Coyle, Managing Director Business Growth, London &amp; Partners said, India and London have shared strengths in technology, innovation and entrepreneurship and today's report findings demonstrate the abundance of opportunities for Indian tech companies looking to London for international expansion. For startups and high growth companies considering global expansion, London has access to high levels of funding, talent and customers all in one city. As one of the world's leading hub for innovation, there is huge opportunity for London to collaborate with other fast-growing startup hubs like Bangalore and Mumbai. JF Gauthier, Founder &amp; CEO of Startup Genome said, Entrepreneurs, policymakers, and community leaders in Asia have been working hard to build inclusive innovation ecosystems that are engines of economic growth and job creation for all. The Global Startup Ecosystem Report is the foundation of knowledge where we, as a global network, come together to identify what policies actually produce economic impact and in what context. While the US and China have long been considered the global superpowers for startups and tech, the pandemic has accelerated the democratisation of startups, and Europe is quickly cementing its position on the global stage. The report shows Europe accounts for 17% of the top 30 ecosystems this year, with London the only European city to make the top 10 list. Asian ecosystems also continue to rise in the rankings, with Tokyo (from #15 to #9), Seoul (#20 to #16), Shenzhen (#22 to #19), Bengaluru (#26 to #23), and Hangzhou (#28 to #25) moving ahead. Poppy Gustafsson, Founder and CEO at Darktrace, said, At Darktrace, we are proud to be building on the UK's rich heritage in tech and innovation. Being part of the UK's tech ecosystem affords us access to a vast network of investors, researchers and talent and has been instrumental in building a successful AI business and - in particular - advancing our leading position in Self-Learning AI. I'm thrilled to be an ambassador for London Tech Week, a fantastic opportunity not only to celebrate the UK's achievements thus far, but to drive our industry forward. The release of the latest Global Startup Ecosystem Report coincides with London Tech Week, bringing together the global tech community to address how tech can solve some of the world's most pressing challenges. Key speakers throughout the week include Hilary Clinton, former US Secretary of State, Sebastian Siemiatkowski, Co-founder &amp; CEO at Klarna, Alex Mahon, CEO at Channel 4 and Maria Raga, Founder &amp; CEO at Depop. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/defense/news/a-tata-group-company-will-make-40-airbus-c-295-transport-aircraft-out-of-the-56-ordered-by-the-indian-air-force/articleshow/86473896.cms">A Tata Group company will make 40 Airbus C-295 transport aircraft out of the 56 ordered by the Indian Air Force</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/how-good-is-indias-bad-bank-likely-to-be/articleshow/86473488.cms">OPINION: How good is a bad bank likely to be?</a>

Mumbai, Bangalore and London Named among World's top Startup Hubs

<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

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Rupee gains 18 paise to 81.08 against US dollar

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Rupee gains 8 paise to close at 81.22 against US dollar

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Rupee makes a small comeback, gains 7 paise after hitting a new low of 80 against the dollar

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Mumbai, Bangalore and London Named among World's top Startup Hubs

PTI

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BI India Partner

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BI India Partner