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Budget 2022 wishlist: Chumbak to Greendigo; here's what lifestyle brands wants from Nirmala Sitharaman

Let us look at what some fashion and lifestyle bands owners expect from Finance Minister Nirmala Sitharaman, who will present her fourth budget on February 1.

Budget 2022 wishlist: Chumbak to Greendigo; here's what lifestyle brands wants from Nirmala Sitharaman RCB
Bangalore, First Published Jan 24, 2022, 3:04 PM IST

Expectations are high from this year's Union Budget, which Finance Minister Nirmala Sitharaman would present on February 1. Asianet Newsable reached out to some fashion and lifestyle brands to understand their hopes from the Union Budget. Read on.

Vasant Nangia, CEO, Chumbak
One of the biggest expectations is a safety net for all, especially our workmen and front-line sales force, who are most vulnerable in times of disruption of business: in many countries, such as in the UK, the government covered a large part of salaries of those affected by the pandemic.  A second is a lower, uniform rate of GST, that would help boost consumption and reduce administrative costs. Thirdly, for the retail sector, a temporary rebate on GST on rentals, to help landlords and tenants recover some part of the huge losses incurred during lockdowns. - 

Suresh Arora, Director, Srishti fine Jewelry
My expectations from the budget will be a reduction in import duty on gold which will cut the grey market trade of gold bullion and will fetch the government higher revenues and also will drive growth in the Jewellery sector.

Kunal Mutha, Founder, Only Earth
The ongoing pandemic has spurred a renewed focus on health and well-being among consumers in India. Growing focus on sustainability, climate change and animal welfare are driving consumers to adopt a healthier lifestyle through plant-based alternatives. Food security is expected to be one of the major challenges in the coming time for our Nation with such a large population. Plant-based meat and dairy alternatives provide formidable solutions to our growing needs by using minimal resources to produce the required calories of food with the lowest carbon footprint.

We urge the government to support and nurture the plant-based ecosystem by providing policy and tax incentives for entrepreneurs and investors. Such an approach is not only going to boost the agriculture and allied industries but also play a pivotal role in fulfilling India’s commitment to go Carbon Neutral in the near future. The current GST slabs for plant-based products are quite high at 18 %. Reducing it to the levels of animal-derived products will boost the industry and make India a major exporting hub of this rapidly growing opportunity which is revolutionising the food system across the globe.

Kartik Gaggar - Founder Rajasthan Studio
1)  Introduce virtual tourism where A sophisticated AR/VR-focused travel platform can be built that gives people an opportunity to virtually travel India and experience the diverse scenic beauty, UNESCO heritage sites, monuments, pilgrim spots, etc. from the comfort of their homes. 

2) Similar to the concept of GI tags, India can be the first country to map its authentic travel experiences across categories with Travel Experiences Identification Tags (TEITs) having the potential to become a benchmark model for the world.

3) More detailed and thematic road trips can be developed under the existing 13 tourism circuits under the Swadesh Darshan Scheme. 

4) Scheme to promote art form based community - Create an ecosystem for their welfare and all industries such as culture, tourism, etc can become part of it. The taxation on these things should be removed. Interest-free loans for travel and tourism operators so this industry can come out of the pandemic effects.

Meghna Kishore - Co-Founder - Greendigo
The Union Budget is just around the corner and we like all start-ups are waiting to see if 2022 will see a record growth like in 2021. While the market is flush with capital and the start-ups have a potential for fuelling economic growth in future, if not supported by tax and administrative reforms this could become a bubble. 

Being in the garment industry, we are hoping that the GST increase on textiles will not be announced. We are also hoping that funds, resources and capital provided by the government become more accessible. We are also hoping to see administrative obstacles being removed by simplifying the policies and regulatory systems.

Also Read: Budget 2022 Wishlist: Auto retailers seek bold steps, lower GST rates on two wheelers, used cars

Also Read: Budget 2022 Wishlist: 'Reduce interest rates on home loans, industry status for realty sector'

Also Read: Budget 2022 Wishlist: GST rate-slash on raw materials, sops for MSME, realty sectors

Also Read: FICCI gives 12 suggestions to Finance Minister Nirmala Sitharaman

Also Read: With banks' financial health improving, ICRA expects no more capital infusion

For more Budget-related stories, Click HERE

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