F&B sector sharing insights on Budget Expectation 2024-25
Industry experts sharing views on budget expectation 2024-25.
CEO of VBev
“As we eagerly await the unveiling of the 2024 Union Budget, our optimism is not merely aspirational but grounded in the anticipation of a transformative fiscal plan that propels growth, nurtures innovation, and champions sustainability. We envision a forward-looking policy that fortifies entrepreneurship, enhances infrastructure, and creates an environment conducive to the flourishing beverage sector.
Our emphasis is on a tax policy that not only fuels industry growth but harmonizes seamlessly with responsible practices. Looking beyond borders, the budget holds the potential to strategically address international trade dynamics. Advocating for impactful Free Trade Agreements (FTAs) with other nations to unlock new opportunities for the beverage sector, elevating global competitiveness, and opening new markets for Indian beverages. A well-balanced tax structure, supportive policies, and strategic international collaborations will not only elevate our industry but also make substantial contributions to India’s economic development.
I firmly believe that a forward-looking fiscal policy can act as a catalyst for transformative change, providing the necessary momentum for businesses to flourish and pave the way for a more prosperous and luminous future.”
Chairperson and Managing Director of Wardwizard Foods and Beverages Ltd.
“The industry seeks that the upcoming budget will set the ground for shaping the macro-level landscape of the food and beverages sector, both domestically and in terms of export. We foresee a great potential for growth and expansion of Indian brands in global markets. It would be a great indicator to the industry if the interim budget gives concrete directions benefiting the Indian F&B sector with regards to trade policies, export incentives, and infrastructure development. In particular, we are hopeful that these positive measures will drive ready-to-eat and frozen food segments. The budget’s support for these segments could further bolster our position in the global market and drive increased export opportunities. We are optimistic that the Government will recognize the significance of the food and beverages sector and introduce measures that will propel the industry towards greater heights.”
Founder, Moonshine Food Ventures, Gurugram (SAGA, Glasshouse- World Grill & Bar, Nush Mush, Cafe Staywoke)
The expectations from the upcoming budget are there as they have been for over the years.
Especially for the F&B sector. With an increased focus on scaling tourism to new heights, there is an expectation for allowances, subsides & steps to push the F&B sector as well.
A big positive will be the GST tax input credit for the F&B sector. This is something the industry has been requesting for and will really help balance ledgers, inturn add to employee benefits with F&B being one the major industries hiring various skill sets. The industry has suffered immensely since the pandemic and the GST tax input credit will be a big boost and help.
Co-Founder – Ironhill India & Global Entrepreneur
As we transition from an underdeveloped nation to a developing nation to fast hurtling towards being a developed nation a lot has changed for us. The early 90s economic policies paved the path for a lot of entrepreneurs and structured the economy to what it is today. As a nation, India we never had to take a step back in economic progress in the last 35 years. Add to this today the Indian startup ecosystem is the third largest in the world. At present, as per reports we have over 1 lakh startups and 110 unicorns in the country out of which 50% of startups are from Tier II-III cities. This segment continues to play a pivotal role in India’s journey towards becoming a developed nation by 2047.
As we set an audacious goal of 1 million startups in the coming decade, there has to be more support to foster the entrepreneurial ecosystem so that they not only continue to add to the economy but also create employment and impact across all segments as they balance ease of doing business with the cost of doing business.
This year is going to be an election budget and I was hoping for some interesting decisions from the government in the lines of reduction of import duties, tax incentives and ease of regulatory hurdles in various start-up sectors. An ease in taxes to support this segment that is actively leading the Athmanirbhar Bharat movement finding a balance between globalisation and self reliance will boost India’s global presence.
Chief Financial Officer of Rebel Foods
“With Budget 2024 on the horizon, we are hopeful for strategic initiatives that will bolster the F&B sector, particularly in areas of digital innovation, ease of doing business and GST input credit restoration. The Indian government’s progressive approach towards digitalization and entrepreneurship, as seen in recent budgets, gives us confidence. We anticipate policies that will further enhance operational efficiencies, and promote sustainability and tech integration.”