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Jan 31, 2025 12:12 PM IST
Budget 2025 expectations LIVE: Lowering GST on beauty and wellness services will enhance the competitiveness of MSMEs, Cut&Style CEO says
Budget 2025 expectations LIVE: Aditya Sharma, CEO, Cut&Style said, “The beauty and wellness sector plays a pivotal role in our economy, driving employment and skill development. To unlock its full potential, key policy reforms are essential. First and foremost, GST reforms in wellness and healthcare are crucial. Lowering GST on beauty and wellness services will not only make them more affordable for consumers but also enhance the competitiveness of MSMEs. A rationalized tax structure can drive greater accessibility and industry growth. Additionally, targeted incentives should be introduced to foster innovation and entrepreneurship, particularly for women-led businesses, including franchise partners and employees. Expanding the Prime Minister Employment Generation Programme (PMEGP) to include more opportunities in the beauty and wellness sector will further support small businesses and job creation. Investing in robust skill development programs will help equip our workforce with cutting-edge techniques in aesthetics and AI-driven salon solutions, shaping a futuristic beauty industry. Lastly, integrating wellness into public health can strengthen preventive care and overall well-being.”
Jan 31, 2025 12:07 PM IST
Budget 2025 expectations LIVE: Budget should propose tax benefits, infrastructure enhancements, and service reforms for senior living communities, Manasum Senior Living Co-Founder says
Budget 2025 expectations LIVE: Anantharam Varayur, Co-Founder of Manasum Senior Living said, “State sector, which is transforming to cater to buyers seeking curated experiences and contemporary lifestyles, We look forward to measures such as tax benefits, infrastructure enhancements, and service reforms, particularly for senior living communities, to elevate comfort, sophistication, and inclusivity while meeting the unique demands of this expanding segment.” Current GST on services to Seniors is samr 18% like any other services. Since Seniors have paid all taxes throughout their life and their current earnings are limited to interest earned from deposits or depends on Pension, GST has to be minimal between 2 to 5%.”
Jan 31, 2025 12:03 PM IST
Budget 2025 expectations LIVE: Economic Laws Practice Partner on Budget expectations
Budget 2025 expectations LIVE: Sanjay Notani, Partner at Economic Laws Practice said the following:
“1. The inverted-duty structure has been a problem for domestic manufacturing sector for a while. The inverted duty structure is a significant issue in the textiles, electronics, chemicals and metals sectors. The Budget is likely to focus on addressing this problem as many MSME entities are involved in these and other affected sectors. Moreover, special schemes for supporting MSMEs exports can also be expected in the Budget.
2. To ensure that the Make in India initiative goes from strength to strength and Indian exports continue to grow, it is expected that the PLI outlay for well performing sectors, such as electronics and pharmaceuticals, will be increased and support for research and development can also be announced.
3. It was recently reported that the PM may visit the US in February for his first meeting with the new Trump administration. As Indian tariffs have been a major US concern, the Budget might include duty cuts on products of US interest, particularly select agricultural products, to assuage concerns or as a goodwill gesture in anticipation of a mini-deal with the new administration.
4. Duty rationalisation may also be a priority to address inflation concerns especially in the sectors concerning agri based products.
5. Lastly, to attract investments under the Make in India, the labour codes would be introduced bringing in the states to implement into manufacturing the products and exporting the same to FTA countries.”
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Jan 31, 2025 11:55 AM IST
Budget 2025 expectations LIVE: Budget should promote environmentally sustainable sectors like plant-based foods, GoodDot founder says
Budget 2025 expectations LIVE: Abhishek Sinha, Founder of GoodDot said, “As someone deeply connected to the food processing and plant-based protein sectors, I believe the recent wildfires in LA and other extreme climate events are stark reminders of the urgent need to prioritize sustainability in every industry. The Union Budget presents a vital opportunity to promote environmentally sustainable sectors like plant-based foods, which significantly reduce the environmental footprint compared to traditional animal agriculture.
One crucial step would be to rationalize GST on plant-based foods, aligning it with the lower rates on traditional meat products. This would make sustainable, health-conscious options more accessible and encourage consumer adoption. Promoting exports of plant-based products by incentivizing value-added processing of agricultural produce is another important move. This could position India as a global leader in sustainable food exports while boosting rural livelihoods.
A dedicated Production-Linked Incentive (PLI) scheme for plant-based proteins would be a transformative policy, attracting investments, fostering R&D, and creating jobs in this fast-growing sector. Additionally, the food processing industry requires enhanced infrastructure, especially in rural areas, to reduce food wastage and add value to our vast agricultural output.
Startups and MSMEs in these sectors also need simplified compliance processes and better access to affordable credit to thrive and innovate. With bold measures, this Budget can pave the way for a more sustainable, resilient future, addressing urgent climate challenges while positioning India as a leader in plant-based innovation and food tech.”