Post Budget Reaction Quotes by Restaurateurs
The Union Budget 2023-24 presented by Finance Minister (Nirmala Sitharaman) is a goal Oriented to overcome economic challenges. Let’s see the reactions and views from Restaurateurs.
Managing Partner at Ironhill India & Global Restaurateur
While I applaud Finance Minister Nirmala Sitharaman’s diplomatic approach in presenting the Budget 2024, I believe there wasn’t much in terms of support for the hospitality sector as a whole.
With the geo-political scenario, tourism did get a mention, however the larger F&B segment still remains underserved in terms of budgetary support.
Considering that the hospitality industry employs a considerable amount of people and contributes to the GDP of the country in tangible ways, it is disheartening, that there were no concrete steps taken for the benefit of the segment.
Founder, Mauji Cafe
As a woman startup founder, I applaud the Finance Minister’s commitment to fostering a conducive environment for entrepreneurship in India through the new budget. The focus on empowering women in business is particularly encouraging. The initiatives to ease compliance burdens and enhance access to credit will undoubtedly pave the way for greater inclusivity and growth in the startup ecosystem. I look forward to leveraging these opportunities to further drive innovation and contribute to the economic resurgence of our nation.
Chef and Owner of The Cookie Dough Cake Cafe
“While the overall start-up and entrepreneurship culture is promoted, there is still a lot of ground to cover for the restaurant industry. Firstly, ease of business is very important especially on the licensing front. Additionally, for small scale restaurants, lack of formal credit input has been a challenge. Raw material procurement sometimes takes a hefty toll on the finances for small scale restaurant owners.”
The interim budget marks the culmination of the second term of Prime Minister Narendra Modi’s government and lays out the vision for Viksit Bharat 2047. Notably, significant announcements were made for the travel and tourism industry, creating opportunities that will, in turn, open doors for the restaurant sector. Finance Minister Sitharaman highlighted the establishment of a framework for rating tourist centres based on the quality of facilities and services, coupled with the provision of long-term interest-free loans to states for financing such development. This is poised to generate numerous prospects for employment and entrepreneurship in the tourism and hospitality domain.
Anticipating the forthcoming comprehensive and transformative Union Budget in July when the newly elected government will present a detailed roadmap for our pursuit of ‘Viksit Bharat’, there are expectations to address key concerns of the industry. These include the restoration of the GST Input Tax Credit, reinstating the Service Export from India Scheme, establishing a dedicated Food Services Ministry with industry status, reducing GST on eco-friendly materials, addressing GST on commercial rentals, rationalising licences and NOCs, ensuring equitable e-commerce policies, extending operating hours, implementing targeted subsidy schemes for SMEs, and introducing an employee welfare plan.Pranav Rungta, Co-founder and Director of Nksha restaurant in Churchgate and Vice President of NRAI.