Tax slab revision in budget will certainly impact consumers positively: Licious

Co-Founder, Licious, India's largest Fresh Meat and Seafood brand, Vivek Gupta has lauded the Union Budget presented in the Parliament yesterday saying that the tax slab revision will certainly impact consumers positively.

Finance Minister Nirmala Sitharaman presented her second Union Budget in the Parliament on Saturday.

"Although this budget had the onus of reviving the 'mood' of the nation, I have mixed feeling about how far that can be achieved," said Gupta.

"Tax slab revision is sure to impact consumers positively and we should see improvement in overall consumption pattern. There are no taxes being imposed on long-term investment for sovereign funds in infrastructure. This is sure to impact the economy positively and we are looking forward to it," he added.

Gupta further stated that despite the fact that we are the world's 2nd largest fish exporter and fisheries contribute significantly to our Forex reserves; this industry has never received any focus in the history of budgets until last year.

"It is a very good step towards developing the fisheries community in India. The schemes for the overall development of the farming community should also improve the quality of livestock and related produce. Significant improvement in the quality of output should benefit companies and consumers alike," he added.

Meanwhile, Co-founder and CEO, iD Fresh Food, Musthafa PC appreciated that the start-ups have been one of the prime focus areas in the Union Budget.

"I'm glad that startups have been one of the major focus areas of the budget this year. Multiple announcements including reducing the tax burden on employees, setting up of entrepreneurship cells and supporting seed fund investment for early-stage startups - all only reinforces what young India has delivered through startups, over the years," said Musthafa.

He added that by reducing the corporate tax to 22 per cent, the government has enabled the revival of the corporate and industrial sectors.

"My personal favourite - announcing an allocation of Rs 20,000 crore for the renewable energy sector, pushing for organic fertilizers and thereby encouraging the farmers to go for Solar energy instead of the traditional diesel/kerosine. It is a huge positive step as it reduces the carbon footprint on the environment," said Musthafa.

"I would have loved to see 2 year GST exemption for products with plastic-free packaging. I strongly believe that something like this could incentivize businesses to come up with innovative solutions and alternative technologies to reduce their environmental footprint," he added.