Budget 2017: Expectations of business tycoons

The Union Budget assumes more significance this year as this is the first major economic announcement by the Government, post demonetisation. According to a survey, while Indians are prepared for some tough decisions, they are also looking forward to certain relaxations. 

Here, we present opinions of few business tycoons and their expectations from this year's Union Budget:

Tuhin Jain, co-founder and chief marketing officer, Bonhomia

We have positive expectations from the budget in the e-commerce and luxury sectors. While demonetisation has created upheaval in the day-to-day lives of many Indians, a consequence of the policy has been a jump-start in popularising digital payments. This, as well as final clarity on GST implementation, should allow for a more active 2017 in many respects, and our expectation is that the sector will continue to grow in the new year as government initiatives like 'Start Up India' and 'Make In India' continue to work.
 
In terms of taxation, the extension of the tax-free concession to start-ups from three years to five years should provide a strong incentive to Indian entrepreneurs, and we expect to see the start-up boom in the country sustained, if not increased. The prevalence of Indian start-ups operating in niche and lux segments seems set to grow. We at Bonhomia expect another strong year of performance and we have many reasons to be excited for what the coming months will bring.

Kaushal Dugar, founder and chief executive officer, Teabox

The government should give benefits to agri-based start-ups by means of reduction in fuel surcharge, relaxation in export duty, decreasing taxes for inter-state transportation. Since government tends to promote 'Make in India' benefits like reduction in taxes, or any other charges, helping in investments for innovation should be given for promoting India-based agri-products. Also, when the Government of India is moving more towards cashless transactions, service charge should be abolished for digital transactions. Fuel surcharge (current surcharge DTDC 20 per cent, FedEx 18 per cent, Blue Dart 50 per cent) reduction is big deal for e-commerce and can bring down logistics cost tremendously for acquiring new customers.

Joy Singh, co-partner of Raasta, Delhi and Mumbai

The year 2017 has started with a bang for food and beverage (F&B) sector, starting from service charge issues, 500 metres from the highway, excise licences on hold in Delhi, and to top it all, the demonetisation has ruled the market. Let us hope that the budget comes with some positive news and reforms for F&B and the service industry as that is one of the major pulling factors for tourism and a lot of states in India thrive on tourism. Some positive reforms and ease in licensing procedures would be a pleasant change.

Arush Sogani, founder, MyITy

We at MyITy wish for reduced income tax rates to increase disposable income. This will help in increasing personal expenditure which will fuel both the demand and supply of goods and services in the economy, since more economic activity leads to more growth in the economy. The Task Force should be extended which would help in realising receivables from public sector undertakings (PSU) entities faster. Receivable exposure to PSUs builds inefficiency in credit cycles and drives up the cost of borrowing.