Budget 2020-21: Coworking spaces provide working professionals a space to enrich themselves not just professionally but also on a personal level.
Budget 2020 Co-working Space: The way the employers and employees are getting down to work is changing in the country. With real estate prices of commercial properties reaching new heights in prime locations, the need for a co-working space is finding new takers. Several organizations and start-ups are opting for co-working spaces in order to keep the infrastructure cost low and the initial cost of starting a business in control. FE Online through an email interview with Anand Vemuri, CEO, 91springboard, looked for expectations of the co-working industry from the upcoming Budget 2020.
What are your expectations for the co-working industry from the upcoming Budget 2020?
Some key expectations from Budget 2020 are:
Startup support: The government must provide assistance and support for startups to be able to grow through:
- Capital gains on unlisted startup on par with listed equity
- Tax benefit to angles for investing in startups
- Reduce GST to the lowest slab for upcoming entrepreneurs and startups as it affects the budget of startups and innovative companies that are new in the market.
Virtual Office: Further, Various RoC (Registrar of Companies) use different yardsticks to accept virtual office product in the company registration process. Govt must create guidelines to recognize the virtual office as a separate product.
Loans: Govt. must allow govt. banks to give loans to coworking spaces against cash flow of co-working players
Why, according to you, is the need to go fo co-working spaces?
It’s no secret that the needs of the millennial workforce have drastically shifted away from those of previous generations. As per the Deloitte global millennial survey 2019, 47 per cent of millennials aspire to make a positive impact on communities. Nearly 15 per cent are dissatisfied with the work culture. 49 per cent of the millennials would, if they had a choice, quit their current jobs in the next two years. As per the survey, to keep their employees motivated, companies must focus on learning & knowledge-based workshops, emphasize on inclusion as well as diversity in the workplace and focus on enriching the lives of their employees. Coworking spaces provide an environment that caters to all of the above areas.
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What are the benefits to the firms and employees?
Coworking spaces provide working professionals a space to enrich themselves not just professionally but also on a personal level. These include career assistance, networking opportunities, learning & development activities and much more besides the conventional advantages such as lower costs, hassle-free infrastructure, and flexibility. Once the members experience the brand, they refer it to their friends, families, and networks. References from friends and family are the best option sought for by most of them. Further, when we talk about India, it is a highly value-centric market where affordability plays a key role. The co-working model is targeted to such an audience that would like to offer value-for-money services to the members and continue to communicate the positive ideas and values.