With less than a week left for Union Budget 2016-17, Indiamart, country's largest online marketplace, communicates its expectations from Finance Minister Arun Jaitley. Dinesh Agarwal, founder and CEO of Indiamart lists steps the government should take to put growth of the industry and economy on fasttrack.
- Startups have a number of expectations following Prime Minister Narendra Modi's initiatives around ease of doing business and building a start-up friendly ecosystem.
- Faster setting up of enterprises, correction in duty structures and streamlining of procurement processes are some of the areas where the industry expects key announcements.
- The industry expects quick implementation of Goods and Services Tax (GST), and streamlining of processes for faster implementation of large infrastructure projects.
- Development of infrastructure is a prerequisite for growth. Similar to road and rail projects, creation of Digital Highways is elementary for providing high bandwidth network of Internet across India. We expect to see avenues of public private partnerships (PPP) in the coming Union Budget which will give shape to Digital India.
- Various skill development initiatives getting into mainstream operational mode are also on the wishlist. In this direction, investments in terms of technology and infrastructure should be given more weightage while formulating schemes.
- The MSME industry is set to tap the potential of 'Make in India' initiative. This industry has potential to offer over 60 million jobs and will be a growth driver for the economy. A special package for the MSME sector will help attain sustainable growth.