By Preet Dhupar
Our response on hearing the budget speech is that the Budget supports the economy through investments in infrastructure and health. There are positive steps towards promoting ease of investments. A stable tax regime is welcome as we believe that a stable and predictable policy environment is critical for sustained growth and to attract more investments into the country. We hope that the review of duty changes announced today will not bring any surprises. We welcome the focus on affordable housing and enabling renewable energy development.
IKEA is growing its omnichannel presence with the ambition to reach 100 million people over next few years. There are large investment plans combined with the ambition to source more from India, (currently we source close to 23% of our product range locally), increase capacities in the local ecosystem and create more jobs.
IKEA supports the Government’s vision of Atmanirbhar Bharat, and its mission to make India a global furniture making hub. India has been an important export market for IKEA’s global value chain for 35+ years. We will continue to support the government in creating a policy framework to transition the home furnishing and furniture industry and remain committed to India.
(The author is CFO, IKEA India)
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