Before the Finance Minister Nirmala Sitharaman presents the Union Budget in the Parliament on February 1, 2021.
Here’s what the F&B industry sector expects from Finance Minister Nirmala Sitharaman:
Mr. Mustakeen Sheikh, Co-Founder, Realta Ventures:
“The pandemic has had a dampening impact on the F&B industry in India compelling it to restructure operations, reshape efforts, and redevise strategies for survival. As hospitality players wade through the turmoil, we expect the Union Budget to lay special focus on providing stimulus packages enabling speedy recovery of the sector.
Pragmatic tax relief measures will foster a conducive environment for hospitality players to revive operations and bounce back sooner. Also, the restoration of an input tax credit for the F&B sector will spur investment and ease long-term funding challenges.
Additionally, with the national contagion leading to several job losses across the country, further taking a hit on consumers’ discretionary spending, is imperative that the power tariff slabs for F&B outlets are in line with rates applicable to industries at least for the ongoing immediate-post-lockdown period.
We are positive that Union Budget 2021 will recoup the hospitality and F&B landscape in India and provide respite measures to rejuvenate the sector.”
Mr. Siddhant Wangdi, Founder of Meatigo.com:
“2021 budget is going to be quite exciting to watch this year as the last year was full of challenges due to COVID-19. Despite the immense adoption of technology, we have a long way to progress in terms of efficiencies to drive growth to the bottom of the pyramid.
We are early waiting to understand the government’s vision to boost opportunities for Indian businesses.
From the food start-up sector perspective, we are into delivering fresh processed and ready-to-eat meat, therefore, we are expecting the government to simplify policies and help with streamlining the supply networks.
The government has always been generous towards our sector however, considering the new innovative digital growth, we hope that our government extends additional support towards our industry in terms of investment, expansion, and transformation apart from the policies.”