Infra Development, Social Security for Gig Workers - Few Expectations of India Inc From Union Budget 2023

New Delhi: In recent years, structural reforms initiated by the Government have laid the foundation for long-term economic growth. The Union Budget 2023 will determine the roadmap for our country in the rapidly changing global scenario. India's favourable demographics comprising a growing share of the working population and rising aspirations of the middle class have brought it to the cusp of transformation.

With the budget 2023-24 fast approaching, key industries have come out with their wishlist from the government to help streamline businesses and accelerate growth to be able to contribute to the economy. Indian Direct Selling Industry is one industry that has shown consistent growth, reaching over USD 2 billion last year. (Also Read: Union Budget 2023 Expected to Focus on Job Creation)

It has grown at a CAGR of 15.7 percent over the past four years despite the effects of the pandemic. The industry has expectations from the Union Budget 2023 in the form of breakthrough reforms, policy intervention, and focus on youth and entrepreneurship, which will enable it to rank among Global Top 5 markets in coming years. (Also Read: 'Why me? Why now?': 8 months pregnant IT employee pens down heart-rending post after being fired from Google)

According to Gautam Bali, Managing Director, Vestige Marketing Pvt. Ltd, "The Direct Selling industry appreciates the initiatives undertaken by our government in prioritizing infrastructure development, which will facilitate the growth of Trade and Commerce in our country. We expect this budget to infuse structural reforms that will give entrepreneurial leverage to the nation's youth.

"The added focus on agricultural reforms can also help influence the massive potential in rural India that can be the engine of our immediate economic growth. Alongside, a social security scheme offered to gig workers would be a welcomed move since their contributions are crucial in giving our economy a boost.

We believe this will help the Indian direct selling Industry become among the top 5 markets in the coming years. We are optimistic that the Union Budget 2023 will provide a roadmap for turning our nation into a 10 trillion-dollar economy by 2032."

According to NITI Aayog, India needs to funnel approximately 13 percent of its GDP into social causes the current average is about 7 percent to achieve its United Nations (UN) Sustainable Development Goals (SDG) commitments by 2030. Philanthropy can play a large role in accelerating economic growth that is both inclusive and sustainable.