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Despite economic uncertainties, the hiring activity among startups has significantly increased in April this year, while there has been a 6 per cent decline in e-recruitment for white-collar compared to the same period in 2022, a new report said on Tuesday. According to the report by foundit (previously <keyword id="17366670" type="General" weightage="20" keywordseo="monster-india-apac" source="Orion">Monster India &amp; APAC</keyword>), there has been a 4 per cent monthly dip, indicating cautious hiring sentiments among Indian recruiters. Although some sectors like <keyword id="6356925" type="General" weightage="80" keywordseo="bfsi" source="Orion">BFSI</keyword> (+3 per cent), <keyword id="383675" type="General" weightage="20" keywordseo="travel-tourism" source="Orion">Travel &amp; Tourism</keyword> (+2 per cent), and Import/Export (+13 per cent) experienced a boost on a month-on-month (MOM) basis, other sectors, such as Logistics, Home appliances, and Oil and gas, saw a significant decline. "Although hiring has declined, there are still a plethora of job opportunities in emerging industries for job seekers. Remarkably, the Indian startup ecosystem has taken a turn, exhibiting resilience in hiring intent despite the prevailing job market challenges," said Sekhar Garisa, CEO, foundit. Moreover, the report showed that the Retail (22 per cent), Travel &amp; Tourism (19 per cent) are among the top industries exhibiting positive growth year-on-year basis, while BFSI (-4 per cent) and BPO (-13 per cent) sectors continue to be apprehensive. The overall hiring demand among startups has noted a strong 19 per cent (year-on-year) growth this April 2023 compared to the previous year. In addition, while most cities showed an overall decline in hiring, startups in Bangalore, Mumbai and Delhi hosted maximum demand for professionals. However, in the first quarter (Q1) of 2023, Indian startups raised a total of $2.8 billion in funds, a massive 75 per cent decrease compared to the same period in the previous year ($11.9 billion), as rising inflation and interest rates continue to impact investments significantly amid a deepening funding winter. There were no new unicorns created in the January-March period, compared with 14 unicorns in Q1 2022, according to a recent report by <keyword id="2779670" type="General" weightage="80" keywordseo="tracxn" source="Orion">Tracxn</keyword>, a leading global market intelligence platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-closes-at-61761-on-fag-end-volatility-after-crossing-62000-during-the-day/articleshow/100101148.cms">Sensex closes at 61,761 on fag-end volatility after crossing 62,000 during the day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-weighed-down-strong-greenback-falls-27-paise-to-close-at-82-05/usd/articleshow/100101208.cms">Rupee weighed down strong greenback, falls 27 paise to close at 82.05/USD</a>

Hiring in startups up in April, despite 6% annual drop in e-recruitment: Foundit report

<ul><li>Babygogo and Travelkhana had ₹72 lakh and ₹33 lakh seized by the income tax deducted from their bank accounts respectively. </li><li>The DPIIT secretary Ramesh Abhishek had assured on February 4 that no coercive action would be taken over <keyword id="6406536" type="UNKNOWN" weightage="20" keywordseo="Angel-Tax">angel tax</keyword> notices. </li></ul>Just when startups in India thought they could soon get a breather from angel tax, India’s <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">income tax department</keyword> has allegedly seized the bank accounts of two startups Travelkhana and Sheroes-owned Babygogo. Siddhartha Ahluwalia, co-founder of Sheroes and founder of Babygogo, told Business Insider he received a deduction SMS from the bank on Wednesday. “We had received no notification from the tax department or bank that this was going to happen,” claimed Ahluwalia, adding the company had been served a tax notice two months ago, to which it had responded by serving all the tax documents. “Yesterday, I received a SMS from the bank about the bank balance – ₹72 Lakh was deducted from the bank,” said Ahluwalia. “Thankfully, we had done the acquisition and all the stakeholders had got an exit and it was not an operational account which is why the balance went to negative ₹72 lakh and it was done by a demand draft.” However, things appear much more serious for Pushpinder Singh, founder of TravelKhana. Singh has gone on Twitter to say “The bank manager said that 4 IT inspectors came and forced the bank manager to make DDs from all accounts. The bank manager said that this is commonplace these days.” Singh claims The Central Board of Direct Taxes <a href="https://inc42.com/features/the-curse-of-angel-tax-travelkhana-left-with-zero-money-after-cbdt-seizes-inr-33-lakh-freezes-accounts/">seized</a> ₹33 lakh while also freezing TravelKhana’s bank accounts. Singh, who has called it out on Twitter as “tax terrorism,” has also tweeted about how this was investment money for which shares had been issued and filings done with Registrar of Companies and RBI. To be sure, according to Pranay Bhatia, tax partner, BDO India, the tax recovery officials are well within their rights to collect and even freeze bank accounts if taxes due haven’t been paid. "From the perspective of the tax officer or the tax recovery officer has no option,” said Bhatia. “With the financial year end coming up, there is a lot of pressure on tax officials to collect outstanding taxes.” However, Bhatia warned that under “principles of natural justice,” the companies should have received a one-week notice to pay or give an explanation as to why they haven’t paid, failing which their accounts could be seized.. According to him, this is why an amendment to the angel tax law is necessary to make the life of a startup easier. On February 4, the Department for Promotion of Industry and Internal Trade had held a meeting with stakeholders to discuss the angel tax issue assuring that solutions would be provided soon. Following that meeting, Ramesh Abhishek, Secretary of DPIIT had <a href="https://www.businessinsider.in/angel-funding-for-startups-to-get-tax-clarity/articleshow/67844987.cms">said</a> that no coercive action would be taken against startups that have received notices. Meanwhile, the CBDT chairman Sushil Chandra on Thursday morning <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cbdt-chairman-assures-quick-solution-to-startups-tax-issues/articleshow/67893656.cms">spoke</a> at a conference and assured that a solution to address the angel tax issue would soon be provided. See Also: <a href="https://www.businessinsider.in/angel-funding-for-startups-to-get-tax-clarity/articleshow/67844987.cms">Indian government to take a stand on angel tax within a week</a> <a href="https://www.businessinsider.in/indian-government-just-added-a-lot-more-red-tape-for-startups-while-trying-to-fix-the-devilish-angel-tax/articleshow/67572452.cms">Indian government just added a lot more red tape for startups while trying to fix the devilish ‘angel tax’</a>

Two Indian startups say the government broke their faith by raiding their bank accounts

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Hiring in startups up in April, despite 6% annual drop in e-recruitment: Foundit report

IANS

Two Indian startups say the government broke their faith by raiding their bank accounts

Sanchita Dash

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