The Finance Minister of India, Nirmala Sitharaman, has been kind to the startups with the latest budget. In fact, the Indian startup ecosystem needed it. It looks like the startup spree in India has slowed down a bit. After taking the unicorn tally to 100 by the end of 2022, India Inc has added just three unicorns in 2024 so far. The iconic startup cities in the country, including Bangalore, Hyderabad, and Delhi, have all taken the hit - the crisis at Byju's tops it off. Once India's most valuable upstart,

Byju’s is in turmoil after missing a deadline on financial statements, skipping payments on a $1.2 billion loan, and losing its auditor and some of its board members.

However, amid an ongoing funding winter, India's startup ecosystem witnessed funds worth $3.6 Bn+ being launched or closed so far. As India looks to encourage the growth of a healthy startup ecosystem, we must promote ventures that look to address grassroots-level challenges. In the latest budget, the FM has abolished the angel tax, offering significant release to the startup community. “First of all, to bolster the Indian startup ecosystem, boost the entrepreneurial spirit and support innovation, I propose to abolish the so-called angel tax for all classes of investors,” Sitharaman said. She also extended the definition of "eligible startup" for tax benefits under the Startup India scheme. Currently, there are 1,17,000 registered startups under the scheme. To be eligible for incentives, a startup's turnover should be less than Rs.100 crore in any of the previous financial years. We are delighted to present our leadership special issue at this interesting juncture. Do let us know your thoughts.