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<ul><li>Mumbai Angel Network aims to invest in over 500 startups in the upcoming three-five years.</li><li>The company gets 8,000-10,000 investment pitches annually, of which 20-30 are finalised.</li><li>It has a network of 600 angel investors, of which 100 have joined last year.</li></ul>Mumbai Angel Network is planning to pump up its investments in the Indian startup ecosystem this fiscal year, by closing 50 to 60 early-stage deals by March 31,2022. This target is almost three times higher than the 20 deals the angel network has been making annually between financial year 2017-2020. It cracked 35 deals in FY2021. The angel network aims to invest in over 500 startups in the upcoming three-five years. It aims to deploy close to <keyword id="11743726" type="UNKNOWN" weightage="20" keywordseo="150">₹150</keyword> crore to ₹200 crore in the next couple of years, representing a four-fold increase compared to ₹50 crore capital it deploys annually at present. Mumbai Angel Network’s cofounder and chief executive (CEO) <keyword id="2332886" type="PERSON" weightage="20" keywordseo="Nandini-Mansinghka">Nandini Mansinghka</keyword>, in an interview with Business Insider, said that they have been noticing a lot of action across a spectrum of industries, therefore they don’t really have any specific area of focus at the moment. “As an Angel Network, we don’t have any investment thesis, we focus on startups that are interesting,” she added. “As a platform we are sector agnostic and have invested in a wide variety of investments from technology, consumer, life sciences, defence technology, space technology, electric vehicles, and we believe that these are highly promising sectors that will grow rapidly in the near future,” — Mumbai Angel Network’s cofounder and chief executive Nandini Mansinghka. The network gets 8000-10,000 investment pitches annually and close to 1,000 on a monthly basis. Mansinghka explained that <keyword id="164924" type="ORGANIZATION" weightage="20" keywordseo="Mumbai-Angels">Mumbai Angels</keyword> has a 12-member investment team, who go through each and every pitch and shortlist close to 20-25 deals on a monthly basis and over 120 deals annually. It also uses an internal algorithm to screen which companies have a chance of giving higher return. This is judged based on the performance of previous portfolio companies. The company would then share these details with the angel investors associated with Mumbai Angel Network, who then decide on which companies to invest in. Mumbai Angels manage these investments end-to-end, from completing all due diligence to figuring out the right exit strategy. However, the decision to invest in companies relies solely on angel investors themselves. “Apart from capital, we look for investors who are open to helping entrepreneurs with connections in the industry, help with strategy, marketing, tech etc. We are trying to leverage the collective wisdom of the group hence our members consist of business owners, CXO [chief executives] folks, successful founders, family offices, VC funds etc,” Mansinghka added. Mumbai Angel Network is a network of 600 angel investors based out of 40+ cities in and outside India. It has added 100 new members in the last one year. The angel network was founded by Sasha Mirchandani and Prashant Choksey in 2006. Nandini Mansinghka, a former investment banker with JP Morgan, took on the role of co-founder and CEO in 2018. Mumbai Angel Network has made investments in close to 160 startups to date and exited over 70 startups to date. <div type="image" title="Mumbai Angel Network plans to invest in 60 early-stage startups this year" msid="84847384" hostid="261"></div> Around 36 of its portfolio saw exits and next round investments in the last fiscal year. Mumbai Angel Network received 51-fold return from e-commerce platform Purplle and 8.9 times return from its investment in cloud telephony platform Exotel. SEE ALSO <a href="https://www.businessinsider.in/politics/political-media/news/there-are-at-least-four-hot-issues-in-india-that-the-government-has-no-data-for/articleshow/84820788.cms">There are at least four hot issues in India that the government has no data for</a> <a href="https://www.businessinsider.in/cryptocurrency/news/maharashtra-karnataka-and-telangana-plan-to-use-ethereum-in-their-fight-against-fake-degrees/articleshow/84823688.cms">This Indian startup is using Ethereum to help Maharashtra, Karnataka and Telangana fight against fake degrees</a> <a href="https://www.businessinsider.in/business/news/ola-expands-esop-pool-to-3000-crore-issues-stock-worth-400-crore-to-employees/articleshow/84820171.cms">Ola expands ESOP pool to ₹3,000 crore, issues stock worth ₹400 crore to employees</a>

Mumbai Angel Network plans to invest in 60 early-stage startups this year

The Congress on Wednesday said the <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword>'s proposal of giving individuals the option to choose between two tax rates for long-term capital gains (<keyword id="6357448" type="General" weightage="20" keywordseo="LTCG" source="Orion">LTCG</keyword>) tax on properties is not enough. It should also allow <keyword id="21006654" type="General" weightage="100" keywordseo="indexation-benefits" source="keywords">indexation benefits</keyword> for other forms of <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> such as <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword> and <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword>. Professionals' Congress Chairman Praveen Chakravarty accused the government of "betraying" the middle and salaried class in the Union Budget through the removal of indexation and higher taxes on their savings and <keyword id="22703183" type="General" weightage="20" keywordseo="investment-gains" source="keywords">investment gains</keyword>. "On 23rd July, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the government's budget in Parliament. We welcomed certain aspects but we strongly opposed many parts of the budget. We welcomed the fact that the FM took some ideas from the Congress party's manifesto such as the employment linked incentive (ELI) scheme, the Apprenticeship Act and removing Angel tax," Chakravarty said at a press conference at the AICC headquarters here. Among other things, we strongly opposed what the finance did to the middle class and salaried professionals, he said. Leader of the Opposition Rahul Gandhi in his response to the Budget in Parliament categorically said that this was a "betrayal of the middle class" through removal of indexation and higher taxes on their savings and investment gains, Chakravarty pointed out. "He (Gandhi) had promised to fight for the middle class on this issue. This issue affected nearly 7 crore Indians who filed income taxes, owned or aspire to own a home and invest their savings. In this budget, effectively, through removal of indexation and increase in capital gains taxes, the taxes of salaried professionals through investment gains went up dramatically," he said. Already, the middle class and the salaried professionals are bearing the brunt of taxation under the Modi government because for the first time in India, total income taxes paid by middle class individuals are higher than taxes paid by rich corporates, Chakravarty said. There were huge protests on social media and in business events in cities like Mumbai where professionals came out spontaneously to protest, he said. Chakravarty said the <keyword id="22703184" type="General" weightage="20" keywordseo="All-India-Professionals-Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="All India Professionals' Congress" meta.hostid="261" meta.entityid="All India Professionals' Congress">All India Professionals' Congress</keyword> and the Congress Party launched a campaign to 'Bring Back Indexation' with a petition asking people to sign it. "We had nearly 12,000 people who signed the petition in just one day since its launch. Yesterday, the government of India announced a rollback of indexation of property gains by giving individuals the option to continue with indexation benefits. We welcome this. This is a victory to the 7 crore people that file income tax," he said. "But this is not enough. We urge the government to allow indexation benefits for other forms of savings too such as stocks, debt, fixed deposits and so on," Chakravarty asserted. More importantly, this is a testament to middle class power and the power of democracy, he said. "When professionals come together and raise their voice, it will be heard. This is also proof of what a strong Opposition and a concerted and united effort can achieve for the people of India. The AIPC will continue to raise issues that impact the middle class working professionals," Chakravarty said. His remarks come a day after the government proposed significant relief for individuals who bought houses before July 23, 2024, by giving them the option to choose between two tax rates for long-term capital gains (LTCG) tax. The Budget 2024-25 had proposed to lower the LTCG from 20% to 12.5% but removed the indexation benefits. The new rates have come into effect from July 23, 2024. The indexation benefit allowed the taxpayers to compute gains arising out of the sale of capital assets after adjusting for inflation. The tax experts had said that the proposed changes in the Budget would raise the LTCG tax burden. As per the amendments to Finance Bill, 2024, circulated to the Lok Sabha members on Tuesday, individuals or HuF who bought houses before July 23, 2024, can compute his/her taxes under the new scheme (@12.5% without indexation) and old scheme (@20% with indexation) and pay such tax which is lower of the two. After the Budget presentation, the Income Tax department said that 'substantial tax savings' are expected for a vast majority of taxpayers due to a reduction in the long-term capital gains tax (LTCG) rate in the real estate sector. As per the changes brought in the 2024-25 Budget, the government has retained the indexation benefit for the taxpayers on properties bought or inherited before 2001.

Allow indexation benefits for savings such as stocks, fixed deposits: Cong to govt

The Congress President announced the <keyword id="7461248" type="UNKNOWN" weightage="20" keywordseo="Nyuntam-Aay-Yojana">Nyuntam Aay Yojana</keyword> (NYAY) on Monday. If voted to power in the 2019 Lok Sabha elections, India’s grand old party, plans to implement this scheme. What is this scheme all about? The plan is to give ₹6,000 per month to every family which falls below the poverty line. The question is how was this number arrived at. In <a href="https://www.business-standard.com/article/elections/rahul-s-scheme-for-poor-to-cost-rs-3-5-trn-congress-data-analytics-chief-119032500999_1.html">an interview to the Business Standard</a>, Praveen Chakravarty, who is the head of the data analytics department of the Congress Party, explained the logic. He said that almost everyone earns ₹5,000-6,000 per month as a family. The Congress Party thinks that a minimum income of ₹12,000 per month is reasonable. In that sense, the plan is to pay ₹6,000 per month to every family which is below the poverty line, to get them to a level of ₹12,000 per month. So, to that extent this is a <keyword id="4034334" type="PERSON" weightage="20" keywordseo="basic-income-scheme">basic income scheme</keyword>, with the below poverty line families getting a fixed amount of money every month, with no conditions attached to the payment. In case of the just launched PM-Kisan scheme only landowners who own less than two hectares of land, stand to benefit. In the case of NYAY, anyone below the poverty line will be eligible for ₹6,000 per month, this will include landless labourers as well. What is the scheme trying to address? The scheme is trying to address poverty, especially in the eastern part of the country. Take a look at Figure 1, which basically plots the per capita income of different states in 2017-2018. The per capita income of many states is missing because the data is not currently available. In 2017-2018, Bihar had the lowest per capita income of ₹38,860 per year (or just about ₹3,500 per month). Uttar Pradesh came in next with a per capita income of ₹55,339. Now compare this with other states. Karnataka had a per capita income of ₹181,788 whereas Maharashtra had a per capita income of ₹180,596. 
 
 
 
 
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 So, clearly there is a problem. People living in heavily populated states like Bihar and Uttar Pradesh, are simply not making enough money and this needs to be addressed. Why does the government need to give money to citizens? Large states like Maharashtra, Gujarat, Tamil Nadu, Karnataka and Haryana, which have done much better than other states, have had some sort of business and industry going in the state. Haryana has also benefited on account of the agricultural revolution and the fact that the state borders New Delhi. The problem is that poorer states can no longer follow this formula, simply because India is going through what economists refer to as premature non-industrialization. As the Economic Survey of 2014-15 pointed out, “Uttar Pradesh’s maximum level of industrialization was about one-third that of Brazil and Indonesia (both have similar populations to UP); and the decline began at 15-20% of the income levels of these countries." In this scenario, the states with a lower income, need to be supported by the government, and there is clearly no denying that. Of course, this comes with the corollary that any basic income scheme cannot eradicate poverty. Where is the money going to come from? As the old adage goes, in economics there is no free lunch. Someone is going to foot the bill for delivering NYAY. NYAY is to be delivered to 20% of the population or around 50 million families. At ₹6,000 per family per month, the total bill works out to ₹3.6 trillion. The forecast gross domestic product for 2019-20 is ₹210.1 trillion. Hence, the bill for NYAY will work out to around 1.7% of the GDP. The question is how a bill of ₹3.6 trillion or 1.7% of the GDP is going to be financed? The Congress Party in its media interactions seems confident about being able to finance NYAY. Economists who have talked about the idea of a basic income in India in the past, have primarily talked about doing away with subsidies and raising taxes, in order to be able to finance any basic income scheme. Let’s try and take a look at how this would work in the case of NYAY. The total food, fertiliser and petroleum subsidy bill for 2019-20 stands at ₹2.97 trillion or 1.41% of the GDP. Once NYAY is implemented, it makes sense to do away with the subsidies, given that people will get money directly into their bank accounts. The point is this is easier said than done. Any government trying to do away with fertiliser subsidy will immediately be labelled anti-farmer. The food subsidy is the really tricky part. At ₹1.84 trillion, it is the largest of the subsidies offered by the central government. How does it work? The Food Corporation of India (FCI) along with state procurement agencies buys rice and wheat directly from farmers at a minimum support price, announced by the government. This rice and wheat bought, is then sold through the public distribution system (more popularly referred to as ration shops) at a much lower price. The government the compensates FCI for this subsidy through the food subsidy allocated in the budget. If this subsidy is done away with or even cut, then the rice and wheat buying by FCI and other state procurement agencies, will have to be cut or done away with. In this scenario, what happens to the FCI and other state procurement agencies? Will they be dismantled? Further, what will happen to the public distribution system? These are questions that will need to be answered before NYAY is launched. In fact, the public distribution system works well in states like Chhattisgarh and Tamil Nadu. What will happen there? The state of Punjab benefits the most through FCI buying rice and wheat directly from farmers. In fact, given that the FCI has a very good procurement system in Punjab, the farmers grow a lot of rice, in what is basically a semi-arid region. What will happen in the state of Punjab, if the procurement system is done away with? These are very difficult questions with answers which may perhaps even be politically suicidal. What about taxes? When it comes to basic income, economists have called for different kinds of taxes, from tax on agriculture income, to re-introduction of wealth tax and estate duty. These forms of taxes are fairly unpopular and it remains to be seen if any government will introduce them and face the wrath of the taxpayer. Nevertheless, one thing that can be done is to take a look at the tax incentives available to corporates. Along with every budget, the government puts out a Statement of Revenue Impact of Tax Incentives under the Central Tax System. When it comes to central excise duty and customs duty, the data is available only up to 2016-2017. In that year, the revenue impact of major tax incentives stood at ₹1.46 trillion. While, it is easy to point out that such exemptions exist, it won’t be so easy to do away with them. Another good source of revenue can be central public sector enterprises, which are sitting on a huge amount of land and other assets. Vijay Joshi, Reader Emeritus in Economics, University of Oxford, in his book India’s Long Road estimates that the value of enterprises owned by the government is around 40-45% of the GDP. The problem is that in all these years, no government has really managed to sell public enterprises to private companies, which is where they can hope to earn a good premium over the prevailing price. If the government gets around to the idea of selling public sector enterprises, a lot of money can be raised to finance. The trouble is the Congress Party has never believed in the idea of selling public sector enterprises (not that the BJP does either). To conclude, NYAY is basically a scheme, whose time has come. Having said that, it will be very difficult to implement. Identifying the people who are actually eligible for the scheme will be difficult. Hence, it is important the scheme is piloted well and then implemented throughout the country. Many systems which have been put in place will have to be challenged and junked. The problem is that with every system there come people who have benefitted and continue to benefit from the system, and hence, have a huge nuisance value. Will the Congress Party, if elected, be able to overcome this nuisance, is something that remains to be seen.

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