As Union Budget 2020 is around the corner, all the business chiefs and people are eagerly waiting to hear something beneficial. Every year, at the same time, expectations of the industry leaders and shoppers from the government on the taxes and others take a flight. A year ago, the financial backing centers around diminishing red tapism, utilizing innovation, building social foundation, digital India, pollution free India, Make In India, work creation in Micro, Small and Medium Enterprises (MSMEs) and putting vigorously in framework.
For the Union Budget 2020, PM Modi encouraged common people to share their expectations from the upcoming budget
In the middle of a huge economy slowdown where India’s GDP growth is crashing for the first time in eleven years 2019-20. Government is making efforts to rejuvenate the economy.
According to the financial conditions each part is anticipating Union Budget 2020.
BW Businessworld accumulated a list of expectations from the ventures: Here are a portion of the key desires from the industries:
Sarbendra Sarkar, Founder and Managing Director, Cygnett Hotels & Resorts
The budget should have incentives for setting up hotels in far-flung areas. India has a lot of foreign and domestic tourist potential beyond the well-known destinations. However, these locations lack basic tourism infrastructure including good hotels. The budget should promote that. I also want the government to extend tax benefits and develop new schemes to promote inbound tourism which was not evident in the previous year.
Ankur Bhatia, Managing Director, Amadeus, Indian subcontinent
The government should actively consider addressing the two concerns the aviation industry is currently grappling with. First, a hike in foreign direct investment is highly warranted. Other sectors have been allowed to have FDI via automatic route. Considering the fact aviation is at dire straits, FDI should be allowed on case to case basis with riders from the home ministry to come clear on national security concerns. Second, rationalization of ATF taxes, a long-standing demand of the industry, will take the sector out of the quagmire of debts and wafer-thin margins of operations.
Sachin Dev Duggal, Co-founder and CEO, Engineer.ai
"In this digitally-driven decade, apps are set to become the backbone of every business across the globe, especially those in India. Therefore, a budget that is easier on the pockets of individuals and small-to-medium businesses will allow for more investment in digitalisation, ergo leading to higher consumer spends in terms of sales, subscriptions, ad-free versions and so on. By large, this should make the entire Indian ecosystem generate more revenue and jobs in the technology sector"
