Angel tax destroyed startup ecosystem, GST killed gaming industry, says Priyank Kharge

Karnataka's IT/BT Minister Priyank Kharge criticized the NDA regime, accusing it of neglecting the concerns of startups, entrepreneurs, venture capitalists, and industry leaders. Kharge highlighted issues like the controversial Angel Tax and the adverse impact of GST on the gaming industry, claiming that these policies have undermined the startup ecosystem. \r

He expressed frustration that investors are being swayed towards states like Gujarat and Uttar Pradesh instead of Karnataka, Telangana, or Tamil Nadu due to perceived better business environments. Kharge's remarks were sparked by a post from AICC's professionals' Congress & Data Analytics chairman Praveen Chakravarty, who pointed out the challenges faced by startup founders and their appeals to address issues like Angel Tax. \r

Meanwhile, Infosys co-founder S 'Kris' Gopalakrishnan emphasized the urgency of addressing the angel tax issue, stressing that it has been a longstanding concern for startup investors. As the Lok Sabha elections progress, such debates on government policies and their impact on the startup ecosystem continue to shape discussions within the entrepreneurial community.