New Delhi: Amidst, all the assumptions and analysis regarding the upcoming financial budget 2014, India Inc keeps an eye on how the newly formed government meets the expectations and needs of the industry as well as of the economy.
Here is an insight to what top retailers of India Inc are expecting from Modi Sarkar.
Vinay Jain, CMD, AVJ Group
Now a stable and full majority led NDA government is at the centre and we expect the inflation to be control in 2014.
The sector is expecting a number of policy initiatives, along with an analysis of FDI rules in housing, REIT.
Further, the focus of government should be on single window clearance system as it would help boost the sector in long run, tax incentives for affordable housing.
The government should raise the tax exemption limit for interest payment on housing loan from 1.5 lakhs to 2.5 lakhs p.a.
The sector must be given an industry status by the RBI, since it is the second largest employment provider in the country.
The government must scrap the service tax on under construction properties from buyers prospective, as it adds to the overall cost of the property.
Adding to this, the government must restore ATIB for affordable housing which allowed profits under it not to be taxed at the corporate level.
Off late, increasing inflation has affected the retailers across the country, leading to the demand for a change in financial policy and FDI rules. Further, the real estate sector is expecting a progressive growth from the budget 2014.
Lalit Agarwal ,CMD V-Mart Retail ltd
Bring people to market by giving them higher disposable income. Retail sector would welcome government’s lowering of individual taxation.
Further, the government can spur growth and ease of business by simplifying tax policy in the form of GST.
It has been a long pending demand and we look forward with keen eyes in this budget.
Shachin Bharadwaj, CEO & Founder at TastyKhana.in
With new government in place, people have high expectations. As an e-commerce entrepreneur, I am quite optimistic that the new government will put policy making as its first priority.
The government should aim at smoothening the FDI policies and look including more sectors under the 100% automatic route. A conducive tax environment needs to be created for angel investors and Employee Stock Ownership Plan (ESOPs).
Also, RBI needs to ease the restrictions on dollar remittances abroad by resident Indians. I believe that a better broadband infrastructure with minimum speeds of internet at 2MBps, a smooth sharing of 3G between Telco’s and maybe some tax holidays on 4G technology would make wonders for the country’s development.
Lastly, we need single window clearance system for business setup and compliances; this will significantly improve the business sentiment.
I believe that the new government has started on the right note and, I hope it can deliver the development it has promised.
Anuj Puri, Chairman & Country Head, JLL India
Indian real estate sector hopes for a transforming budget. With the new government now firmly in charge of steering the country, the Indian economy is perched on the threshold of recovery and growth.
Anticipating encouraging announcements in the forthcoming budget, the Indian real estate industry hopes that the new government will be able to re-establish the country as an economic force and boost consumer and investor confidence.
We look forward to the announcement of progressive policies pertaining to FDI in real estate, since the sector is in marked need of a more liberalized funding flow.
Global investors are once again enthusiastically eyeing the Indian market for the immense opportunities it offers.
There is now a very real possibility of a huge increase in foreign investment inflows, and the budget is definitely the ideal opportunity for taking serious steps to encourage this.
Supam Maheshwari, CEO and Founder, Firstcry.com