Budget 2018: This year’s Budget, presented by finance minister Arun Jaitley, laid a strong focus on driving inclusive development and boosting the economic growth. The measures introduced to bolster fields such as agriculture, infrastructure, SMEs, youth skilling and rural economy are commendable. The growth focus around ease of living is laudable, and we are hopeful that this will anchor the future growth of the Indian economy and its citizens.
Farm push
We are delighted by the measures announced to drive growth of the sector and the farming community. The launch of Operation Green to provide logistics, storage and other infrastructure support for tomatoes, onions, potatoes (TOP) and doubling allocation for food processing to Rs 1,400 crore offers the much-needed heft to the management of perishables and prevent wastage.
We also laud the announcements to provide institutional support and policies for price discovery, agri futures, minimum support price for farmers and upgradation of existing rural haats for small farmers who cannot access formal mandis. At Grofers, we work closely with farmers to source our produce as well as help farmers get to market directly and get better returns. We are certain that these initiatives will be instrumental in maximising farmers’ incomes and increasing the sector’s economic potential while addressing waste and inefficiencies of farm produce that contribute to inflation.
Education for all
The launch of ‘Ekalavya’ to revitalise infrastructure and systems in education, while complementing it with a technology push will help the nation’s youth take advantage of future economic opportunities and will be key to shaping the country’s future.
Boost to MSMEs
The measures announced for MSMEs will certainly drive the indigenous growth for this sector while offering a more conducive environment for their operations. In particular, the focus on addressing the loan processing time and adequate access to capital through Mudra loan will help with their growth and profitability.
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Digital connectivity
Empowering the economy with technology to aid Digital India continues to be crucial for the country’s growth in today’s digital era. It is heartening to see the progress on this front with one lakh Gram Panchayats connected to optic fibre, and plans for Wi-Fi spots in rural areas. Grofers would be keen to offer its services in some of the underserved areas in the future.
Corporate tax relief
The proposed cut of the corporate income tax rate to 25% for organisations with an annual turnover of up to `250 crore is a welcome move, and will enable corporates to drive higher investments and job creation.
By Albinder Dhindsa, co-founder and CEO, Grofers
