Budget 2022 Wishlist: TradeSmart to Cleartrip; here's what technology-driven businesses expect from FM
Let us look at what some technology-driven business owners expect from Finance Minister Nirmala Sitharaman, who will present her fourth Budget on February 1.
Despite the Covid-19 pandemic hitting the conventional economy world over, technology-driven businesses have fared better in the last two years. The Union government has also handed them a major policy boost, helping their numbers improve amidst the pandemic. However, such businesses are still keeping a keen watch on this year's Budget.
Here's a look at what the FinTech, HealthTech, EdTech and other technology-driven sectors expect from Budget 2022, which will be presented by Finance Minister Nirmala Sitharaman on February 1.
Anshuman Narain, Vice-President, CashBean
The main impetus that FinTech needs today is the further dignification of India through state investment in e-infrastructure. A lot of the country is still behind in terms of high-speed internet access. While private players have proliferated the internet, a state-focused effort in this direction will provide manifold growth to the tech industry.
Sanket Shendure, Co-Founder and CEO, Minko
About $400 -500 billion or Rs 30 to 40 lakh crore of B2B payments from retailers to distributors in India's retail market happen through cash. If the government provided some incentives to small shop owners to digitally make supplier payments in the Budget, it could save costs and increase financial inclusion.
Vikas Singhania, CEO, TradeSmart
Small and Medium enterprises are the most vulnerable and have been badly affected during the pandemic and will need special attention from the government. As for the market, one can expect some benefits, especially since the government wants to divest a big company like LIC.
Archit Gupta, Founder and CEO, Clear
While the government is waiting on the cryptocurrency bill, much-needed clarity is expected on its taxation in the upcoming Union Budget 2022. The government may consider increasing the highest tax slab to Rs 20 lakh from Rs 15 lakh or allow certain deductions to make the new regime more enticing. Budget 2021 did not provide any major relief to the salaried class.
Prabhdeep Singh, Founder and CEO, StanPlus
The expectations from the Budget 2022-2023 are vital, given the healthcare industry's relentless battle with the current COVID-19 pandemic. We would appreciate it if the finance ministry recognises the industry's crucial need for ambulances and decreased the GST on new ambulance purchases from 28 per cent to a 5 per cent or a 12 per cent slab.
Pranav Bajaj, Co-founder, Medulance
One of the main expectations for this year is an increase in funding with around 2.5 per cent of GDP allocation to the healthcare industry. An allocation of Budget for establishing mini-Anganwadi centres in deprived areas is another factor that will foster inclusive growth and welfare in the country. Meanwhile, the existing healthcare gap can be filled by introducing tax benefits and relaxations for private players and public-private partnerships.
Vimal Sharma, Founder-Director and CEO, SMOOR
Chocolates currently have a GST of 18 per cent, a reduction of the same to 12 per cent will boost the growth in the category, and it will also benefit the small players with a boutique offering. Reduction in import duty of chocolate raw material will help reduce cost. This cost reduction will benefit customers and help the category grow.
Priyadarshi Mishra, Founder and CEO, Design & Construct
As a construction company, we expect the government to introduce some new policies that can help the construction industries revive post the pandemic. Apart from this, we expect a cost reduction in logistics and heavy-duty equipment used in the construction sector.
Akshay Chaturvedi, Founder and CEO, Leverage Edu
We believe that the finance minister will propose double down on Healthcare expenditure in light of the new variants. The pandemic has changed education. The onset of online education has worked well for the minority that can afford it but has put the larger country through an absolute unspoken crisis. While we cut out education budgets, it will be important for us to drive them in the right direction - devices for students to study from plus a distribution system that gets them these screens in real-time, or putting together well-taken-care-of sanitised schools for those who can't benefit from online, and a lot more.
Prahlad Krishnamurti, Chief Business Officer, Cleartrip
Given that the sector has taken a heavy blow, some relief measures like travel and tourism to be treated at par with the IT sectors would help quickly revive business and propel the industry towards growth and progress. Though Budget 2021 brought enhancements for public transport infrastructure, we are particularly looking for a proposal that talks specifically about the Indian travel and tourism industry's short-term and long-term revival.
Romit Ranjan, Founder and CEO, Pahun Holidays
We have been hit very badly due to the global pandemic. This year we expect some enhancements in the already announced policies in the last Budget. We wish the government to sanction interest-free loans for the tour and travel industry for two years. There should be a rebate in GST-TDS.