Tech

Rajiv Bhalla, MD, Barco India – The Indian Government is strongly focused on growth and development, and this trend has continued even during the pandemic. Given the hybrid normal we at Barco, are creating solutions aimed at promoting seamless remote work and bolstering the economy. We look forward to a budget which offers a roadmap for heightened economic revival, with greater spending on infrastructure and enhanced incentives for corporate capex. We believe that the country is still on track to achieve the $5-trillion vision by 2025 and expect a host of reforms aimed at empowering the start-up and entrepreneurial culture while augmenting healthcare and allied sectors. Technology, manufacturing, and R&D comprise the future of India and we look forward to initiatives aimed at making India a global super-power in these frontiers.   

Retail Tech

Prashant Lohia, CEO and Founder, Ginesys – The ongoing pandemic has proved a catalyst for the digitization drive, with service providers stepping in to bridge the gap between the rural and urban landscapes. The Government is keen on a Digital India, and we expect the Union Budget 2023 to depict a greater and more sustained push towards the same, especially with regards to digital payments and retail technology. We expect the Union Budget to bring in more reforms for domestic retail manufacturers and brands as this would drive the Make in India and AatmaNirbhar Bharat initiatives while offering support and strengthening the local retail landscape. We are also keen on more clarity around the e-commerce guidelines and hope the Government promotes the sector in the upcoming budget. Further, we look forward to a well-calibrated reduction in income tax slabs as this will help taxpayers save money and, the money thus saved can fuel further consumption and economic growth, helping revive the economy as a whole. We also hope that the upcoming Budget focuses on growth and promotes spending by dropping the already deferred GST on textiles and garments.

Tech Startup

Mr. Amit Relan, Director & Co-Founder, mFilterIt – “The startup ecosystem in India has already emerged as the third-largest in the global market, which highlights the massive growth of the sector in the recent years. Moving ahead, the ecosystem requires a more focused approach in terms of access to capital, allocation of more funds by the government, policy reforms for ease of doing business and creating a more supportive ecosystem in view of the pandemic’s impact.  About the Indian ad-tech industry, it’s likely to cross $10 billion in revenue by 2030, making it one of the key contributors in terms of growth, job creation and export of services. In the global as well as Indian market, we can observe increasing ad spends over digital platforms which is likely to reach 60% of total advertising spends in 2022. Even the Indian government’s overall spend on digital advertising – including national and state governments – has already topped 3000 crores per annum, which involves outreach, promotion, and adverts. At the same time, today the techniques and tricks used by the bad actors in the value chain -pose a greater threat to advertisers’ reputations through Brand Safety and Brand Infringement issues, leading to about 7-8% wastage of the overall digital spends. In this view, one of our key recommendations for the upcoming budget would be that the government should subject digital advertising expenditures to auditing in the same way that it subjects other expenditures, which goes beyond determining if procedural regulations were followed and include auditing for results as well.The government, with a vision of a $1 trillion digital economy and the massive shift to digitalization in recent years, should also pay attention to the ad-tech industry and take financial steps to help India’s existing ecosystem chart progress that will not only make India Atmanirbhar in the domain but also globally. Moreover, launching unique output-linked initiatives for the sector is crucial for India to position itself as a worldwide leader.”

Real Estate

Mr Prashant Solomon, MD, Chintels India & the Hon. Treasurer for CREDAI NCR – “2021 was a ‘Year of Recovery’ for Indian Real Estate. The upcoming budget will play a pivotal role in fulfilling the growth trajectory across real estate and the overall economy. In order to improve the overall health of the sector, strengthen financial inflows and reduce delays there is a need for a single-window clearance system. Entitling REITs to invest in residential projects, relaxations in provisions for investing in REITs can also be an essential amendment that the government must take into consideration as it will enable developers and investors access to investment opportunities without spending a lot. Some of the other areas that require attention include tax rebates on housing loan interest rates, GST waiver for under-construction properties, rise in FDI inflow, expanding the government-backed stress fund SWAMIH, the introduction of new mechanisms to ensure ease of acquiring funds for real estate projects and most importantly attaining an industry status. It will help towards the elimination of unnecessary processes, better transparency, ease of getting approvals. Incentivising both, rental as well as affordable housing sectors accompanied by incentivisation of private investment in the affordable housing sector can also be a critical push that the government can induce to ensure the growth of India’s real estate sector. For India to achieve the vision of a 5 Trillion economy, the government must provide requisite thrust to this labour-intensive sector as it supports employment as well as 200 ancillary industries including SMEs and MSMEs”.  By Prashant Solomon, MD, Chintels India & the Hon. Treasurer for CREDAI NCR