BENGALURU: Ahead of the Union Budget on February 1, young B’lureans share their expectations from government
Re-ignite growth of e-tailers
E-commerce has captured a significant share of the retail market, yet their growth was somewhat tempered last year when the government policy restricting ownership of sellers was implemented. This time, we expect that the government will reveal a budget that reignites the growth of e-tailers. An indirect way it is expected to do so is by putting more disposable income in the hands of consumers by raising the tax exemption limit for the middle class. If the middle class has more disposable income, they will make more purchases.
— Ashrata Sachdev,model and founder,mydressstore.in
Reduce ticket prices
We keep reading news reports about GDP stumbling or the need of reduction in income tax rates on different sectors. I would like to see some measures that have been taken in terms of reviving the economy. With respect to the entertainment sector, reducing ticket prices would be helpful and would make it more accessible for all. Apart from this, I would like to see more investments made on education, health and ease of doing business. We do have many programmes for start-ups, even so in the upcoming budget I am looking for some effective measures to promote them.
— Danish Sait, actor, host and comedian
Provide subsidised education loans
Now, more than ever, the government needs to take steps to provide subsidised education loans to make higher education more accessible and affordable. With increased development in this area, there would also be a growth in self-employability among the youth. This, along with the help of the internet and proper skill development.
— Shruti Nagraj, BA student
Reduce cost of daily commodities
With the budget to be presented soon, homemakers have great expectations from the government. Homemakers have asked for reduction of prices of household commodities. Also, there will be a growth in the traders’ business if they reduce the price of daily use items.The cost of the LPG cylinder has increased, and our kitchen is vastly impacted because vegetables and pulses are very expensive as well. We expect that the government reduce the prices. From school fees to groceries.... the prices have been soaring. We expect relief from the government in the budget, so it becomes easier for the poor and less fortunate as well.
— Safa Fuzail, homemaker
Relax GST input restrictions
With the tumultuous nature of our economy and the many obstacles the hospitality industry has had to overcome in the last few years, our main hope from the budget is for the GST input restrictions to be relaxed as they have led to our industry having to face severe pressures, and has constrained our drive to make a product for the sheer love of it.
— Janti Dugal, food director, Azure hospitality
ENCOURAGE LONG-TERM INVESTMENT
My first expectation from the budget is job creation. We have been speaking about our huge democratic dividend of having more than 60 per cent of the population aged below 35 years. If we don’t provide good quality education and decent jobs, we are definitely heading for a democratic disaster in the form of increased crimes and poverty.One of the most ignored ways of addressing this is to open up many vocational training institutes besides the usual schools and colleges. Also, the Long-Term Capital Gain (LTCG) needs to be cut. Mutual Funds are meant to be held long term for the investor to earn a good return. People should be encouraged to do so. And the best way to do it is to remove LTCG .
— Preetha Wali, financial educator, co-founder of Pay It Forward Services
INCREASE FDI
The increased spending on healthcare is a welcome step. Now, we look forward to increasing FDI and larger Public-Private Partnership (PPP) to make healthcare more accessible to everyone. The increased investments and partnerships will also bring in latest technologies, making healthcare affordable.
— Takashi Maki,managing director,Sakra World Hospital
Prioritise education in BUdget
India’s overall expenditure on education is abysmal. The budgetary estimates on education of the central and state expenditure together during 2018-19 was just about 3.1 per cent of the GDP. This is much lower than the Kothari Commission’s recommendation of six per cent of GDP. Other developing countries such as Brazil and South Africa spend 6.24 and 6.16 per cent of their GDP, respectively, on education. The stagnation in the education expenditure is a death knell for quality public education in particular and the economy as a whole. If the country has to undergo an economic and social revival, it is imperative that education is prioritised in the coming budget.
— Sonal Ann D’souza, PhD student
Increase consumer spending
One of the things most entrepreneurs are expecting out of the budget is to increase consumer spending. A reformed income tax rate allowing consumers to spend more will also give the economy a much-needed boost. Second is the taxation on Employee Stock Ownership Plan (ESOP). These are the only means to attract talent during the early days of the start-up and the budget should seriously look into it. But I think one of the most important things we are expecting out of this budget is a more progressive GST. Reduction of GST rates as well as taxation on receipt of payment rather than on creation of invoice will solve the cash flow problems of many small businesses.
—Varun Agarwal, entrepreneur and author