Interim Budget 2024: E-Commerce Expects Simplified Regulatory Rules, Skill Development, MSME Support
Even as Finance Minister Nirmala Sitharaman is set to present the Interim Budget 2024 on February 1, there are expectations from various industries. The e-commerce sector expects the Budget to focus on digital infrastructure, simplified regulatory framework, skill development for the e-commerce workforce, and support for MSMEs in e-commerce.
Chirag Taneja, founder & CEO of e-commerce enabler Gokwik, urges the government to introduce policies to support digital-first brands aiming to go the omnichannel way. “With technological advancements shaping the e-commerce industry, and the rising role of enablers, the budget should also provide support for the growth of the enablers who are now forming the core backend in the growth of these brands. Overall, I believe budget 2024 will have a holistic approach centered around the growth of the e-commerce industry and take #MakeInIndia on a global scale,” he said.
Vineet Agarwal, managing director of logistics firm Transport Corporation of India Ltd, “As we await the release of Interim Union Budget, the logistics sector stands poised for transformative measures that will fuel our journey to a $5-trillion economy. The forthcoming budget presents a significant opportunity to reinforce our commitment to enhance the ease of doing business.”
He added that in the Budget, continued focus on advocating for a long-term perspective to build physical & digital infrastructure, incentivize multimodal logistics for carbon reduction, and robust skilling initiatives for the 22 million employed in the sector should be the key priorities. “To boost EXIM trade and improve competitiveness, we need to maintain the momentum in investments and digitalization. With this approach, we’ll be able to move fast towards a more resilient and sustainable transport and logistics ecosystem for India.”
Balasubramanian A, vice-president of TeamLease Services, also enlists budget expectations for e-commerce:
Focus on digital infrastructure: Development of a robust national digital infrastructure with affordable internet access in rural areas can increase e-commerce penetration and create up to 5 lakh jobs in digital service delivery and rural e-commerce businesses.
Simplified regulatory framework: Streamlining regulations and promoting transparency in e-commerce platforms can boost investor confidence and attract Rs. 5,000-10,000 crores in investments, potentially creating 2-3 lakh jobs across the e-commerce ecosystem.
Skill development for the e-commerce workforce: Training programs for skills like digital marketing, logistics management, and data analytics can improve efficiency and attract a skilled workforce, potentially creating up to 1 lakh jobs in e-commerce-specific roles.
Support for MSMEs in e-commerce: Initiatives like providing easier access to financing and training in online marketing can help small businesses leverage e-commerce platforms and create significant job opportunities in e-commerce-enabled MSMEs.
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