The new income tax slab, the spotlight on the tourism sector and the shunning of the F & B industry...Bengalureans remark on the Budget: Monika Monalisa and Tunir Biswas
A slew of announcements made was encouraging for the tourism sector. The increase in disposable income, focus on developing 50 new airports, 50 Unity Malls and all the new expressways becoming functional in 2022 and 2023 will give a major boost to the tourism sector in India: Vidya Shree M, travel blogger
A couple of years ago, one of the largest diamond companies, invested in lab-grown diamonds. That’s when we had a sense that lab-grown diamonds are the next big thing. These diamonds look real, with the chemical structure being the same. In India, it is going to take time to grab onto the fact that lab-grown diamonds are the new thing: Neha S Aroraa, owner of Srishti Fine Jewelry
The new tax regime will simplify the process of tax planning. It takes a straightforward approach so you will know how much tax you need to pay depending on your income. While the new tax regime gives us more cash in our hands, we still need to plan our finances properly: Mrin Agarwal, founding director, Finsafe India
The focus on green energy transition shines through with allocations for green hydrogen, energy storage, building next-generation talent, etc. While we await measures towards better managing state-level T&D networks, the government’s vision to develop long-gestation ISTS to evacuate and integrate bulk solar power, before setting up fast turnaround solar power plants is a welcome reaffirmation of India’s energy transition: N Venu, MD and CEO, India and South Asia, Hitachi Energy
The tech initiatives in the budget – the adoption of AI in KYC, PAN as a universal business identifier, the call to make AI work for India, and the establishment of 5G labs - will pave the way for greater experiments and innovations in India: Hemanth G, CTO, Lobb logistics
It is disappointing that the F&B industry was not discussed in this year’s session. The industry suffered the pandemic but no benefits were given. Some businesses that opened just before the pandemic were forced to close. As per the Covid assessment report shared by the National Restaurant Association of India (NRAI), the industry suffered a 53% decline in FY21 over FY20. The industry employs over 7 million people and needs a revival package to return to its original strength: Abhay Kewadkar, Member, NRAI