Hari Kishan Movva, Senior Vice President, SILA (Real Estate)
Commercial real estate had a mixed year in 2022 with flexible office providers performing well. The 2023 budget the industry hopes will offer some positives to help strengthen the real estate market. Given that the inflationary environment is the key risk for real estate, we are also expecting a leeway in terms of reduction in GST rates for key raw materials and re-introduction of input tax credit which would help developers tide over inflationary pressures.
Mrinaal Mittal, Director, Blackteak Realty
Real Estate Industry is very sanguine about the 2023 budget and hopes to continue the strong momentum of the previous year. The primary emphasis and ask is higher tax exemption on home loans to generate a healthy demand. As for the LTCG, the tax rate should be decreased with relaxation on the time limit on construction of the new property. The extended timelines for buildings that are under construction to balance capital gain would be a very welcome step for boosting this industry. Such endeavors will not only encourage more consumers to buy homes but also create higher accessibility. The new budget can bring about many desired and vital changes to the real estate industry, benefiting consumers and developers alike so that they can keep contributing to India’s growth story.”
Mr. Nawaz Shaikh, Wellness Expert & Founder, FITX Transformation
Over 69% of people in India adopted fitness routines and improved their diets, compared to around 50% of the global population for the same metric. The fitness industry expects that the government will recognise the losses incurred by the fitness industry as a result of the ongoing crisis in the upcoming budget 2023. These institutes have been spearheading professional fitness experiences across various age groups and geographies without additional benefits, whether it is maintaining high-tech equipment or providing employment to thousands of trained staff. To supplement their efforts in the long run to ensure better and more effective fitness services, the government can start by implementing policy measures such as interest-free loans and tax breaks on fitness infrastructure and equipment in the coming year. Incentivizing technological innovations will help emerging fitness startups grow in the post-pandemic landscape. Having said that, the upcoming budget will be critical in laying the groundwork for the growth, reach, and wide-scale adoption of these fitness services, as well as making them more accessible, affordable, and inclusive in 2023 and beyond
Mr. Lokendra Tomar, Diet Educator & Founder of Diabexy
Low-sugar food products can be used as a replacement for normal food products. There is a higher expectation from the government in the 2023 budget Because it is critical for our nation to fight diabetes, diabetic food products should be made under GST EXEMPTION. Low glycemic load and low sugar food products are mainly in the category of nuts and seeds, which are more expensive than grains hence giving a tax exemption will be helpful for people. They will be extremely beneficial for all children and adults with diabetes or insulin resistance.
People all over the world are increasingly adopting low-sugar food products, particularly, in response to the rising demand for diabetic food. Diabetes has become more prevalent in some major economies in recent years.
Ms. Minal Anand, Founder & Ceo GuruQ (Edtech Company)
Previous year, many Ed-Tech businesses shut down or downsized, which resulted in numerous job losses. The government should create regulations that make it simpler for new businesses to operate. The government’s increased funding and support for internet ventures is one thing that is anticipated. Some nations will promote innovation and expansion in this industry through government assistance for subsidized rates and incentives for Ed-Tech businesses.
Utilizing the allocated cash is important, and the Ed-Tech industry is more than prepared to work with the government to expedite the expansion of education in India. The government should give serious thought to reducing the tax on ed-tech goods and services. So, sure, we would like to see the government collaborating closely with Edtech firms to make this vision a reality.
Ms. Amandeep Kaur, founder and CEO, Phoenix TalentX Branding (Digital Employer Branding)
The government will need to hire maximum technologists from india and the globe to achieve its vision of digitizing the planet. The govt will compete with high tech top companies like google, meta, amazon, Microsoft etc. to hire such talent so they have no choice but to spend on employer branding. India is the poster child of digitization as the maximum technology pool is available in India. Hiring technologists, building tech Hubs or museums showcasing futuristic work and prototypes sponsored by the government will be key in making India a superpower. The government needs to strengthen its defense sector and weaponry to ensure safety of the country. It is high expectation that the government will reserve some budget towards employer branding to build and showcase themselves as an Employer of Choice. We need to be digitally protected at all times. It is not a choice anymore, it is a necessity for us to operate in this digital age.
Ms. Piyalee Chatterjee Ghosh, Founder and Director, Myfledge Institute of Aviation and Hospitality (Edtech)
India needs to gain a competitive edge over other global talents, which will only be possible through impactful education initiatives. Students from every corner of India should be empowered through special skill development programs. Increased allocation of funds and the number of centers will also work to the benefit of increasing the volume of talent ready to take up technical jobs.
Kapil Bhatia, CEO & Founder of UNIREC, emphasizes the importance of prioritizing public education and supporting startups while avoiding the implementation of CESS . Bhatia suggests encouraging the industry to transition to sustainable practices through regulations and support systems for domestic capital participation, as well as creating a welcoming environment for investment and offering tax exemptions for foreign direct investments.