Post Budget Reaction Quote shared by the capital industry veteran, IIFL wealth management Co-founder, and Ex- CEO Amit Shah, at present the Founder & CEO at A3 Tech
“The finance minister has announced spending of ₹200 billion for road and 400 new trains in addition to a slew of initiatives in infrastructure, manufacturing, and logistics. We know that CAPEX in infrastructure is a key govt policy in fueling economic growth. China has proved that in the past and US is in the process of approving big infrastructure spending. I believe infrastructure initiatives announced in the budget are going to be a major reason that, we will not only emerge out of pandemic but grow GDP by 8% or more.”
Rupesh Jain – Founder and CEO of the leading jewel-tech brand Candere by Kalyan Jewellers shares his post-budget reaction quote:
“The decrease of Customs Duty from 7.5% to 5% might help remove the blockages and tie-ups in the legalized channels of diamond imports. The decrease in customs duties will help Indian e-commerce brands expand to overseas markets and cater to the vast and growing demand. Furthermore, the positive uptake to this is the development and maintenance of transport infrastructure which will allow e-commerce businesses to improve access and reach out to the interior sectors of the Indian market. This development decision gives us a broader audience base and prospective markets. Not just that, it will create a ripple effect, as with the recent changes to accessibility, more people will become used to digitization with the use of online shopping and online payments. As one of the objectives of Budget 2022 is to increase digital penetration and adaption in India.”
Mr. Ketan Chokshi, Jewellery Designer & MD, Narayan Jewellers shares his post-budget reaction quote:
While the budget this year has very little for the Gems and Jewellery industry to recover from the losses, the new norms do boost the sale. The announcement of a simplified regulatory framework to facilitate the export of jewellery through e-commerce is a welcome move and will encourage the Indian designer jewellery brands to build an International customer database and export jewellery without any hassle. This will boost the sale of Jadau and Gold as International buyers will have easy access. Further, the reduction in import duty to 5% gives a little relief to the diamond trader as cut and polished diamonds add up an only 5% of total imports of diamonds. Apart from this nothing else has been addressed including the Gold monetization scheme, reduction in gold import Duty, increase in pan card limit amongst others.
Mr Milind Mathur, Creative Director & Partner, Kohinoor Jewellers Agra shares his post-budget reaction quote:
“The decision to reduce customs duty on cut and polished diamonds and gemstones will help elevate the gems and jewellery exports sector and lay a foundation for strong growth. Policy reforms like these will increase our market and allow us to compete at a global level. The cut in customs duty on diamonds is a positive step towards the growth of the sector. The support given by the government to regulate the online jewellery market will help to monitor the transactions and data security in the digital world today. This decision will also help in the development of the rural economy. It is a great move for all the organized players in the gems and jewellery sector. The welfare schemes offered by the government will help to boost the confidence of the consumers and help the retailers too.”
Mr. Vikram Agarwal, Managing Director, Cornitos shares his post-budget reaction:
“The Union Budget 2022-23 is a progressive budget, our Government is concentrating on infrastructure, employment generation, and future developments. This appears to be a growth-oriented budget as efforts are being made to reduce compliance burdens and improve ease of doing business. The Budget has given an extension of the ECLGS Scheme which would provide much-needed help to the MSME sector especially the hospitality and related food processing segments. The past few years have been tumultuous for the hospitality segment and I am hopeful that this initiative gives the industry a much-needed boost.“
Dharmesh Karmokar, ESORA shares his post-budget reaction:
”The Naya Bharat budget saw no shocks and no gimmicks, it’s focused on growth which is very encouraging. The 50000 cr allocated towards the extension of ECLGS will help. Overall I see rural tourist places do well with all the money being spent on roads, bridges, and ropeways. New trains and routes will see a lot of domestic travel and generate consumption. Even real estate has been given a good push. All this will lead to creating jobs in the hospitality sector and it’s time for brands in Metro cities to open in tiers 2 & 3. There is a huge craving for international cuisines in tiers 2 & 3 and I hope Made in India brands grow by expanding there. One will be surprised to know that Mexican, Lebanese, Thai, Sri Lankan & Ofcourse Chinese cuisines have a growing demand. Now is the time to expand with the virus almost on its last leg. In Mumbai, the govt has already reduced liquor taxes and has done away with a lot of red tapes. Now we need to be on track and continue promoting tourism and nightlife. We hope that Shri Thackeray Ji continues what he left before Covid and supports the hospitality industry as he did before the pandemic. Good days are ahead of us.”
Aji Nair – COO – Mirah Hospitality (The Company that owns and operates Khandani Rajdhani, Bayroute, and Hitchki chain of restaurants) shares his post-budget reaction:
Over the last 2 years of the pandemic, the hospitality Industry has perhaps suffered the most. While some focussed efforts for the industry from today’s budget would have been great, I would still say that it was quite balanced on all fronts. The budget focussed on growth; which was good. Focus on pushing tourism via an emphasis on infrastructure & railways will help boost the industry with the influx of people moving within the country. The focus on real estate may help push the retail economy which further will give us an impetus. This also includes affordable housing, which will further lead to increased consumption. Digital ecosystem for skilling and livelihood will aim to skill, reskill, and upskill people via online training which would help in good talent inflow to our industry. Really looking forward to brighter days for the industry which hopefully has left the worst phase behind.
