Food businesses, owners want change in GST framework, more provisions for women

Updated On: 01 February, 2024 08:30 AM IST | Mumbai | Nascimento Pinto

As India gets ready to know the resources allocated for different industries during Budget 2024, they hope for changes in the GST framework to support businesses. They also highlight the need for more schemes and provisions for women-led businesses and job profiles

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The announcement of India’s Interim Budget 2024 day is almost here and with that buzz around what will be prioritised this year is at its all time high. Even as different industries have a lot of expectations, food business professionals feel they need to be heard, especially in a post-pandemic world, where nothing is like it used to be ever before as they were among the worst hit. “The restaurant industry is a vital contributor to the national economy, generating over 7.20 million direct- jobs and boasting an annual turnover of around Rs 4.23 lakh crore. Despite being one of the sectors hit hardest by the pandemic, the industry has displayed resilience and is on a steady path to recovery,” says Pranav Rungta, co-founder and director of Nksha restaurant, which opened less than a year ago in Churchgate; he is also vice president of National Restaurant Association of India (NRAI) Mumbai.

More for food businesses
Every year since 2019, the budget has been presented on February 1 by India’s union finance minister Nirmala Sitharaman, and this year will be no different. As always, the common man and people across all industries will be looking forward to seeing the allocations made in banking, business, transport and food before the new budget is introduced later this year. With the restaurant industry in the food business contributing to a major chunk of the economy, like Rungta highlights, he and others from the industry hope there is more attention given to food businesses. “I would like to emphasise the need for policy and budgetary support in the upcoming budget to propel the sector and accelerate growth.”

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