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As COVID-19 upended businesses worldwide in 2020, Indian startups were not spared. Investments shrank and many resorted to layoffs, furloughs and pay cuts to keep their businesses afloat.
With just over a week to go for the Union Budget, the startup ecosystem expects Finance Minister Nirmala Sitharaman will take steps to reduce taxes and ease regulations to encourage foreign investments, while giving sunshine sectors such as edtech a further boost.
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Some investors say the Budget should boost consumption that took a beating as restaurants, shopping malls and theatres, among other businesses, remained hit by COVID-19 restrictions for most of last year.