‘Vote-on-Account Budget will sow seeds to achieve Viksit Bharat in Amrit Kal’

 ‘Vote-on-Account Budget will sow seeds to achieve Viksit Bharat in Amrit Kal’

Team L&M

Gem & Jewellery Export Promotion Council (GJEPC) welcomes Union Finance Minister (FM) Smt Nirmala Sitharaman’s announcement to make the country Viksit Bharat by FY2047. Says GJEPC chairman Vipul Shah, “Exporters will agree with the Finance Minister that globalisation is being redefined and a new world order is emerging after the pandemic. The recently announced India-Middle East-Europe Economic Corridor is a strategic and economic game changer for India and others. Just as the CEPA trade agreement has increased jewellery exports to the Middle East, we welcome bilateral trade agreements with European countries and others to boost gem & jewellery exports.”

The GJEPC also welcomes FM coining real GDP growth as well as her emphasis on Governance, Development & Performance but also wants that before the full budget is presented in July, gem & jewellery artisans and craftsmen should be included in the PM-Vishwakarma Yojana.  It also seeks allocation towards modern infrastructure such as Jewellery Parks for boosting gem & jewellery exports from India. Over 80 per cent of gem & jewellery industry being MSMEs, the Council has urged urge FM to include Government schemes for this industry as it will help the sector compete globally

Meera Iyer, CEO & Co-Founder, SkinQ
As a woman entrepreneur, I applaud the government for prioritizing women’s empowerment as a core pillar of the Budget strategy. To unlock India’s true economic potential, holistic empowerment of women is essential. While the budget introduces commendable measures such as improving healthcare, nutrition, and providing financial support for women entrepreneurs, there’s a pressing need for greater funding allocation specifically for women startup founders. As someone deeply involved in the startup ecosystem, I’ve witnessed firsthand the challenges women face in establishing and growing their businesses. Simplifying access to funding and other support mechanisms is crucial to ensure their meaningful participation. I urge for continued focus on these areas in the full budget post-elections.

Akhil Yerawar, Co-founder, CHIPMUNK
Following the unveiling of the interim Budget by the Union Finance Minister, the retail and beauty industry eagerly awaited insights into the government’s vision for economic growth and development. As the dust settles and analyses begin, it’s evident that this Budget carries implications that resonate deeply within our sector, presenting both opportunities and challenges.
One of the notable highlights of this Budget is the emphasis placed on boosting consumer spending and enhancing purchasing power. The reduction in personal income tax rates and the proposed measures to stimulate disposable income are poised to inject a renewed sense of confidence and vitality into the retail landscape. This, coupled with the government’s commitment to infrastructure development and rural upliftment, bodes well for the expansion of our consumer base and market reach.
Moreover, the Budget’s focus on promoting entrepreneurship and fostering a conducive business environment is a welcome development for the beauty industry. The proposed measures aimed at simplifying compliance procedures and reducing regulatory burdens offer a ray of hope for small and medium-sized enterprises (SMEs) within our sector. It opens up avenues for innovation, growth, and market penetration, paving the way for a more vibrant and competitive marketplace.
At Chipmunk we view these Budget announcements with a sense of optimism and enthusiasm. We recognize the opportunities they present for us to innovate, adapt, and thrive in an ever-evolving retail and beauty landscape. As we navigate the road ahead, we remain committed to serving our customers with excellence, offering them products and experiences that enhance their lives and well-being.
In conclusion, the Budget’s overarching theme of inclusive growth and prosperity aligns seamlessly with our own ethos and values. We look forward to leveraging the opportunities presented by this Budget to drive positive change, foster growth, and contribute towards building a stronger, more resilient retail and beauty ecosystem.


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