Industry stakeholders in the e-commerce sector expect a budget which promotes businesses, supports the growth and stability of the e-commerce sector.
“As Budget 2024 approaches, I’m eagerly anticipating measures that will support the growth and stability of the e-commerce sector. One critical expectation is for the government to take proactive steps to manage inflation. By doing so, they can safeguard customer purchasing power and bolster retail expansion,” said Siva Balakrishnan, founder and CEO of Vserve.
He also said that improving the process of royalty payments through technology is also crucial. Many Indian e-commerce firms rely on advanced foreign technologies to enhance their operations. Simplifying royalty payments can encourage the adoption of these technologies, boosting efficiency and competitiveness.
“Being a part of this industry, we look forward to a budget that addresses these priorities by fostering a favourable business environment. Enhancing retail growth and promoting the use of cutting-edge technology will ensure the continued advancement of the sector in India. While the government has worked towards building e-commerce infrastructure to provide equal opportunities in previous tenures, there is still more to be done. Budgetary support for the growth of the Open Network for Digital Commerce (ONDC) would be a great starting point,” said Balakrishnan.
He also advocated for investing in cybersecurity to protect e-commerce platforms and consumers from fraud and data breaches is another crucial area.
