'Cutting GST to encourage spending is of priority'

Budget 2021 | Reduction in GST to encourage spending is of utmost priority, says Jaipur Watch Company CEO

Representative image. Credit: iStock.

By Gaurav Mehta,

As an entrepreneur, I hope this year's Budget prioritises growth-oriented measures and includes incentives for homegrown brands. From a watch industry perspective, considering the hit that we've all taken following the pandemic, tax concessions, reduction in GST rates encouraging consumers to spend more is of utmost priority at the moment.

Especially since the demand for bespoke gold watches are at an all-time low, what with gold prices soaring, we are looking forward to the budget addressing the issues of high import/custom duties on gold and thus helping bring stability to the market. Also we are hoping government comes up with a special mark for "Made in India" products to distinguish them from Imported products

(The author is Founder & CEO, Jaipur Watch Company)