The Union Budget 2022 holds a visionary and ambitious sentiment and has definitely focused on the nation’s growth. With strong emphasis on the agricultural and rural sectors, MSME, infrastructure, urban planning, affordable housing, education, job creation, ease of doing business, digital economy, etc, it is a holistic budget that will have an overall positive impact on the economy. What was needed to boost private consumption is to give money in the hands of the middle class people in the form of tax relief, which is not there in the budget.
The Union Budget is always a mixed bag for every sector and market. There were a host of measures for a number of sectors, aimed at boosting growth amid rising inflation and continuing Covid uncertainties. However, the event industry is one of the sectors which bore the brunt of the pandemic and the budget didn’t include any special relief to the sector to extend support for revival from the dire economic situation it is facing because of the pandemic. We were really looking forward to a helping hand from the government in these dire times.
After the initial blow of the Covid-19 pandemic, there is little doubt that 2021 continued to disrupt the world of events. Those businesses directly related to mass events are facing tough times. The event industry is remaining stagnant for almost two years now and the livelihood of millions of people has come to a standstill. The industry has crashed and still the government doesn’t see the need to protect livelihoods as the event industry has been completely ignored in the budget. We were really expecting some SOS measures for our industry in particular and are extremely disappointed with this lack of empathy towards us. We do not come under the purview of any ministry that is looking into us and actually taking cognizance of what we do. Hence industry status was absolutely important for us to stay afloat & excel going forward. It is high time we realise the potential of this sector that generates huge employment. The only silver lining is the increased government expenditure which may yield more business opportunities for us.
The budget has proposed slew of measures to boost the startup ecosystem in the country. The country has seen a manifold increase in successful start-ups over the past few years. The startup sector will continue to look for the government’s support in helping ease of access to capital, encouraging domestic investment environment, scaling up the business, easy exit processes, and reducing regulatory and compliance burden on startups. The government should further enhance the ecosystem by formulating policies, which act as an enabler to support start ups in their entrepreneurial journey and to boost their spirit of excellence.
In conclusion, the policies announced this year have laid a strong foundation for India’s economic growth and expansion for the next 25 years. With its focus on growth driven by capital expenditure, self-reliance aligned to Atmanirbhar Bharat, and new and emerging sectors, the budget has been a step in the right direction and the roadmap has been set for a new India.
Article is authored by Sharad Chaudhary, Founder, Dreamz Production House.
