The startup world had a hard time in 2022, with companies struggling to get their hands on funding. Private equity and venture capital investment dipped 29 per cent last year compared to the record highs of 2021.

Industry stakeholders are now hoping that the upcoming Union Budget 2023 delivers some favourable measures, which could turbocharge the ecosystem.

In last year’s budget, Union finance minister Nirmala Sitharaman allocated Rs 283.5 crore to the ‘Startup India Seed Fund Scheme’. Though well-intentioned, it hasn’t done much. Only 39 startups have received funding under this scheme, according to Vidushi Kapoor, the founder and CEO of software company Process 9.

Entrepreneurs want more than budgetary allocations. “The government has an excellent opportunity this year to step up and support the startup ecosystem. We hope that it will focus on execution and implementation. The gap between announcement and the execution should be closed,” Kapoor said.