Pre-Budget Reactions By Restaurateurs
Industry experts sharing views on budget expectation 2024-25.
Founder, Mauji Time Cafe
“Amidst the current wave of progressive developments in the country, the challenge of ensuring the effective dissemination of government schemes, project details, budgets, and grants at the grassroots level remains evident. Despite significant efforts, accessing crucial information on funding opportunities, particularly startup grants outlined in the financial budget each year, continues to pose difficulties for individuals seeking to capitalize on these initiatives for growth.”
Founder Director of Ivy Leaf Wellness
“In light of the forthcoming interim Union Budget, it is imperative to recognize the symbiotic relationship between corporate wellness and productivity, and the necessity for sustainable economic growth in eco-sensitive areas,” “India is on a cusp of phenomenal corporate growth and the Union Budget presents an opportunity to encourage specialized sectors, like wellness tourism, corporate wellness which are nestled in natural settings, which can help the country to derive economic benefit from yet under-explored areas while providing sustainable development of these areas. We anticipate incentives from the 2024 Union Budget to encourage new wellness centers that will be instrumental in promoting corporate rejuvenation which is so essential in an era where the corporate human resource has become increasingly fragile and stressed. Furthermore, GST rationalization could significantly benefit the corporate wellness sector. It’s crucial for the Union Budget to enact policies that bolster sustainable development zones, fostering a harmonious balance between wellness experiences and nature, ultimately benefiting the corporate community at large.”
Co-founder, Dhansoo Cafe, Gurugram
Restaurant industry is one of the most significant contributor to the national economy and one of the highest employment creators industry in India. The key request that we want to highlight in this budget is the need for reinstating the Input Tax Credit (ITC) under the Goods and Services Tax (GST) for the restaurant industry. The sector is currently subjected to a 5% GST rate without the benefit of ITC, and if this can be certainly looked upon, it will be of great help.
Co-founder & Head Chef, The Baker’s Dozen
Anticipating the Union Budget 2024, I look forward to a budget that actively supports women entrepreneurship. I hope to see a focused effort to encourage women-led businesses where the government can play a key role by creating an environment with equal opportunities for women entrepreneurs, addressing gaps in funding, mentorship, and networking.
Encouraging policies tailored to the unique challenges faced by women in startups will be crucial. This could include financial incentives, mentorship programs, and initiatives to enhance the skills of women entrepreneurs. This should range across the spectrum ranging from small scale home-based businesses to larger institutions. An earning woman is the pride of the family and can be pivotal to our success as a nation!
In essence, the Union Budget 2024 has the potential to be transformative for women in the business. By fostering an inclusive environment and implementing measures that empower women entrepreneurs, the government can drive economic growth and social progress simultaneously.
Managing Partner at Ironhill India & Global Restaurateur
As industry leaders, we strongly encourage the government to prioritize enhancing infrastructure, alleviating GST and tax burdens, streamlining licensing procedures, and offering accessible financing for the food and beverage sector. This sector employs 7.5 million individuals, and we are dedicated to advancing economic growth and fostering equitable opportunities. We anticipate that the government will engage all stakeholders in pursuing a robust and prosperous future.
Jay Jay & Kwality Restaurants
While a GST reduction would be welcome, a truly transformative measure for India’s culinary landscape would be simplifying FSSAI licensing and regulations for independent restaurants, alongside introducing tax credit as restaurants don’t get enough tax credit which is a long time debate that is going on. This would not only ease entry barriers and encourage local entrepreneurship, but also empower diverse dining experiences to flourish across the country by reducing operational costs and boosting competitiveness.’