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Indian e-com players await impetus in Union Budget 20-21

Jan '20
Pic: Shutterstock
Pic: Shutterstock
At a time when economic slowdown, retail inflation, and shrinkable income are posing a threat, Indian e-commerce players are holding their breath for an impetus from finance minister in the upcoming Union Budget 2020-21. Easing of compliance for start-ups, and simplification and reduction of Goods and Services Tax (GST) are among the wishlist.

"We look forward to Union Budget 2020-21 with more focus on reforms, ease of doing business, system cleansing and easing up liquidity for honest tax-payers to spend. With the kind of thrust on technology build-up, easy tax policies and over-all opportunities, enterprises like us can grow at an even faster rate,” says Rajan Sharma, founder & CEO, excess2sell.com.

Reduction of GST is an expectation for Indranath Sengupta, founder and CEO, Kompanero. “The retail sector continues to show promising growth, backed by a slew of reforms introduced by the government. However, given that they are more mid to long term, it is expected that it will take some time for the benefits to materialise. With the Budget 2020 approaching, we hope to see more focused initiatives towards the simplification of, as well as the reduction of GST. This will have a positive impact on the sector by empowering manufacturers and is likely to stimulate growth by further incentivising consumers. Additionally, given that a larger number of startups are compliant with existing social, environmental and governance standards, the government should focus on easing the compliance burden for those who are engaging in ethical and sustainable models. We also expect a further relaxation of FDI norms and the introduction of a more robust policy for e-commerce players, which will help boost investment and exports in the sector.”

Tabby Bhatia, founder & director of Voganow.com hopes for some big announcements from the Union government in the budget. He says, “We believe that allowing standard operating procedures for MSMEs will involve easy steps to access credit and boost the Indian market. This time we are having huge expectations from the government to bring business-friendly policies and tax reformations to boost this sector and economy since MSMEs are contributing the most in creating millions of jobs and accounting for a major portion of the country’s manufacturing outfit and exports.”

Fibre2Fashion News Desk (WE-DD)

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