Restaurants, Foods & Beverages sector expectations from Budget 2022: As Union Finance Minister Nirmala Sitharaman is all set to present her third Union Budget on February 1, 2022.
Here’s what the Restaurants, Foods & Beverages sector expects from Finance Minister Nirmala Sitharaman:
Kushang, Co-founder & CEO, SupplyNote:
The food and beverage industry has incurred heavy losses due to the pandemic, which makes it essential for us to look up to the Union Budget 2022-23 for relief. In order to accelerate the recovery of the sector, this budget should enable interest free loans, greater subsidies, and a reduction in tax structure. Additionally, since most of the F&B businesses fall under Micro and SMB categories they should be offered extended moratorium. Considering the current situation, business losses should be allowed to be carried forward from the existing 8 years to 12 years.
Farman Beig, Co-founder & CEO, Wat-a-Burger:
It takes multiple licenses to establish a food & beverage business in India. We expect the government to address this in the upcoming budget. Additionally, the sector requires reintroduction of the inputs tax credit. Also, considering the sector has been struggling due to the pandemic havoc, it is necessary to provide it with relief package and special fund allocation for speedy recovery.