The whole of 2020 rocked the world with the COVID-19 pandemic, the New Year has spawned and the world is looking for renewed hope, while India is no exception.
When the Union Finance Minister, Nirmala Sitharaman present the Budget, she is facing humongous challenges such as exponential increase of poverty, dwindling health parameters, coupled with the inadequacy of housing and rampant unemployment lurking at the Indian Economy.
As the Indian Budget 2021 is around the corner, here are few industry heads speak about their expectations.
Puneet Gupta, Founder and CEO of AstroTalk.com says: “The Indian government has taken steps in favor of young startups & MSMEs before and we expect the same from the budget, this year. The Centre needs to encourage entrepreneurship, as this is the best way to generate more jobs & progress economically. Startup friendly policies should be made to easily register a business & provide relaxation in taxes till it reaches a minimum revenue. Make a provision for a collateral-free loan and remove major roadblocks from foreign investments in India. Once the startup culture flourishes, the country would start progressing for good.”
Jatin Ahuja, Founder and Managing Director of Big Boy Toyz reacted this way: “While the rest of the automobile sector was financially and economically impacted due to the coronavirus pandemic, the pre-owned luxury car market grew at an unusual pace. The sales recorded a strong sequential recovery post the lockdown months as the urban demand and people’s sentiments had a positive influence. Tier-2 and -3 cities also came forward as prospective clients as the festival season picked-up. Going forward, we expect to have continuous government support to sustain the recovery that we have made. Increasing the spending capacity of consumers will help us to regain the lost momentum. Also, initiatives to promote the phygital experience (physical + digital) will be appreciated as this is the new normal now. Lower taxes, simplified and GST filing must be the motto of this year’s budget. Companies, OEMs, and individuals are expecting the budget to be long-term friendly rather than focusing on just survival.”
Adiya Bafna, Managing Director at Seva Group says: “One of the key ways to recover from the COVID-19 pandemic is to increase the revenue prospects of the retail sector. The Union Budget 2021 must focus on increasing spending capacity of the household. To do so, the Centre must reduce GST on the readymade garments that our sector has been eyeing on for long. By making the sector physically and digitally strong and eradicating supply chain inadequacies can the government create an organized retail ecosystem in India. The central government must also emphasize on the National Retail Policy in order to help startups by streamlining the licensing process, improving infrastructure and giving a touch of modernization to the sector. Encouraging foreign direct investments is another way that the budget 2021 can help retailers to improvise their business models and add digitization to them.”
Dr. Sunita Gandhi, Founder of GETI and GCPL had a different take: “The previous year proved to be gamechanger for the education industry by drastically replacing traditional classrooms with online teaching methods. This along with the introduction of National Education Policy 2020 made a strong foundation for the following year. We expect the 2021 Union Budget to be open to creating an Edtech ecosystem with greater access to internet and robust data protection. By allowing innovation in the sector and improving the basic digital infrastructure of the country, the government can ensure that our education system is immune to any pandemic in the future. The global COVID-crisis was a wake-up call for all of us to and now that we have it, we believe this year’s budget will focus more on making education accessible, affordable, and scalable. Our education system needs a perfect combination of digitization and traditional classroom learning; the budget must elevate startups in the EdTech sector which reciprocate the same beliefs.”