The broader focus on the budget on increasing consumption and infrastructure spending by the government will have a positive impact on the hospitality sector, said senior executives. Also, the industry seems to be upbeat about the government push to launch multiple data analytics, AI, ML-driven models for e-security, e-education, e- consultation, and compliance management.
They said that the prospect of using Artificial Intelligence and Machine Learning in GST Fraud Tracking is quite motivating and intriguing. Also, the government's continued support for the startup is uplifting as it is setting aside Rs 15,700 crore in FY22 and has reduced margin money requirement from 25% to 15% for startups. Below are the views of some industry CXOs on Budget 2021.
Gaurav Shinh, CEO & Founder, DAAS Labs
The Budget 2021-22 has left the data science community quite excited for what is to come. For me, it was really interesting when the Government announced that it will launch multiple data analytics, AI, ML-driven models for e-security, e-education, e- consultation, and compliance management. Also, the prospect of using Artificial Intelligence and Machine Learning in GST Fraud Tracking is quite motivating and intriguing.
The Government's continued support for the startup is quite uplifting as the Government is setting aside Rs 15,700 crore in FY22 and has reduced margin money requirement from 25% to 15% for startups. The proposal of extending the tax holiday for start-ups by one more year will also give more confidence to the entrepreneurs.
Sarbendra Sarkar, Founder & MD, Cygnett Hotels and Resorts
While there is nothing specific on the tourism and hospitality sector in the budget, I feel broader focus on the budget on increasing consumption and infrastructure spending by the government will have a positive impact on the hospitality sector. The government has done the right thing by not introducing any new tax or COVID cess as some had anticipated. We also believe that the amount allocated for COVID vaccination is positive for our sector as more people get vaccinated it will encourage people to travel.
Gaurav Mehta, Founder & CEO, Jaipur Watch Company
I think the budget is positive in the sense that it will drive consumption and encourage consumers to spend like they were doing the pre-COVID times. The announcement on rationalization of custom duty on gold, silver and other precious metals is a huge positive for us in the bespoke watch industry. The demand for bespoke gold watches is at an all-time low, a lower customs duty will help us in reducing our input costs which we can pass on to consumers. Await to hear details on custom duty for imported watches.
