After the massive demonetisation drive by the government recently, all eyes are now set at the Union Budget 2017, which will be announced within a couple of weeks. This is what companies like OYO, Netapp and ARD expect from the upcoming Budget 2017.
Expecting supportive policies for the travel and tourism sector, OYO feels that the budget needs to provide clarity on taxation policy and regulatory issues, and fix norms for the credit guarantee scheme.Also read: Microsoft Foldable Surface Smartphone Might be a Reality, Hints New Patent
“Infrastructure development is a pre-requisite to provide the much-needed impetus for the industry’s growth. Additional incentives should be provided for infrastructure investments in the travel and tourism sector to accelerate growth. A lower tax rate for hospitality business and the lower rate of interest for real-estate development will ensure opening up of more supply for the nascent branded budget hospitality sector. This will be in line with supporting small owner-friendly policies, such as the exemption of service tax in the sub-Rs. 1000 hotel room category, said Ritesh Agarwal, Founder & CEO, OYO.
“The previous two budgets have systematically gone about creating frameworks and processes to give wings to the dreams of multiple sections of the society like Startup India, Standup India and shrink wrapped with a larger vision of Digital India. Also read: Xiaomi Redmi Note 4 to be Flipkart Exclusive: All You Need to Know Including Price, Before Jan 19 Launch
With the recent move of demonetization trying to shift our cash driven economy of 1.2 billion people and getting them to leap frog to the digital world is unprecedented in history. This is a significant leap towards becoming a digital economy and the budget now needs to focus on how digital can become entrenched and become a way of life, while continuing to focus on growth and providing adequate support to the various pillars of each program so that the economy is on a sustained growth path,” said Anil Valluri, President, NetApp India & SAARC. Also read: Here is the Reason why Samsung Galaxy Note 7 Exploded
Highlighting that policy of infrastructure development will directly impact the construction industry as well, Ar. Ricky Doshi, Founder & CEO, ARD Studio said, “Currently people are facing a lot of challenges due to the demonetization policy, but, the future seems positive for the construction industry. The RBI has already announced cuts on interest rates, which is a positive sign for the buyers. They can now get home loans at a cheaper rate than before. All the major banks have announced the revised interest rates for home loans. With banks being more cash rich, there can be more news on the rate cuts that may be announced during the budget. Additionally, there are more policies expected in the near future that will further ease out the entire business of construction industry. There will be more transparency, imposing regulatory measure due to the RERA act that was passed last year. The budget may also include policies regarding low cost housing schemes which would boost the residential construction industry.”
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