Union Budget 2024 | Higher disposable incomes to spur online spending, says Simpl founder & CEO Nitya Sharma

'Furthermore, the proposed development of Digital Public Infrastructure applications at scale across areas of credit and e-commerce among other areas will also drive the adoption of digital services, thereby benefiting the entire ecosystem', he said.

Finance Minister Nirmala Sitharaman on Tuesday presented the Union Budget 2024, highlighting the Modi govt 3.0’s priorities across multiple sectors.

The Budget identified the following areas as priorities: productivity and resilience in agriculture, employment & skilling, inclusive human resource development and social justice, manufacturing & services, urban development, energy security, and infrastructure.

Track the live updates from Union Budget 2024 here.

Here’s how industry stakeholders reacted:

Nitya Sharma, Founder and CEO, Simpl, said, "The Union Budget 2024 has effectively recognised the importance of a robust e-commerce ecosystem and offering credit at scale in empowering millions of small and medium sellers across the country. The proposed development of e-commerce export and industrial hubs will enable our sellers to cater to a global market while support to MSMEs and promoting entrepreneurship through policy interventions will further propel opportunities for sellers including Direct-to-Consumer brands."

"This along with the availability of higher disposable incomes in the hands of citizens through rationalisation of personal income taxes will propel consumer spending across the board. As a homegrown checkout network working with lakhs of sellers across the country, we are quite bullish on the growth prospects of the internet commerce sector which will generate significant demand for seamless and affordable checkout solutions", he said.

Track the latest reactions to Union Budget 2024 here.

"Furthermore, the proposed development of Digital Public Infrastructure applications at scale across areas of credit and e-commerce among other areas will also drive the adoption of digital services, thereby benefiting the entire ecosystem. This, on the back of abolition of Angel tax, will greatly benefit the startup ecosystem in the country and will accelerate India’s journey towards becoming a $1 trillion digital economy well before 2027-28", he further added.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.