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Key Expectations from Union Budget 2016-17
Recently, the Indian government rolled out pro-reforminitiatives like Start up India and Digital India. We at AskmeBazaar feel that these are steps in the right direction as such initiatives will help to create a favorable environment for budding entrepreneurs in the country. We are hopeful that such campaigns will aid the economic growth and increase in overall consumption.
Recently, the Indian government rolled out pro-reforminitiatives like Start up India and Digital India. We at AskmeBazaar feel that these are steps in the right direction as such initiatives will help to create a favorable environment for budding entrepreneurs in the country. We are hopeful that such campaigns will aid the economic growth and increase in overall consumption. Also, it is our hope that the government will continue giving thrust to various reforms in this sector in the forthcoming Union Budget 2016-17. The budget will be looked upon keenly by startups, Micro, Small and Medium Enterprises and the ecommerce sector in particularwhich is presently on a growth trajectory and expected to grow the fastest globally in the next 3 years as per a latest Morgan Stanley report.
With a burgeoning internet base and a young populationeager to make the most of the technological advancements, India as a country has immense potential for entrepreneurs and startups.There exists an opportunity to encourage these businesses by creating supportive policy initiatives. We are confident that the ongoing push by the incumbent government will only help improve the entrepreneurial spirit in prevalent in the country today.
As a leading ecommerce brand, with a proud association with millions of SMEs across India, we hope the government will present a futuristic tax policy that will address the complications of the current tax structure. We hope that the GST roadmap will be shared in the budget for FY 2016-17.
As per areport named ‘Retail transformation: Changing Your Performance Trajectory’ by Confederation of Indian Industry (CII) and The Boston Consulting Group (Published: January, 2016), of the USD 630 Bntotal retail market, the ecommerce pie was just USD 8-12 Bn, USD 60 Bn was organized retail and USD 560 Bn was unorganized retail. The numbers emphasize the fact that though India is a vast market, a huge part of it still remains untapped. The same report states that the total retail market in India is going to be in the range of USD 1100-1200 Bn by 2020, which spells huge opportunity for the ecommerce sector and entrepreneurs.
From the forthcoming budget we anticipate reforms aimed at creating an ecosystem devoid of red-tapism, paving the way for ease in doing business and creating the ground for ‘Innovation’ & ‘Entrepreneurship’.We wish the government all the best and are confident that measures announced on the budget day will be positive and favorable for the ecommerce sector.
