Industry players in the e-commerce sector are looking forward to the budget which will facilitate business and help the e-commerce sector grow and stabilise.
“As Budget 2024 approaches, we look forward to measures that support the growth and stability of the e-commerce sector. A key expectation is for the government to be proactive in managing inflation, thereby protecting customer purchasing power and facilitating retail expansion,” said Siva Balakrishnan, founder and CEO, Vserve.
Improving the royalty payment process through technology is also important, he said. Many Indian e-commerce companies rely on advanced foreign technologies to power their operations. Simplifying royalty payments could encourage adoption of such technologies, improving efficiency and competitiveness.
“As part of our industry, we look forward to a Budget that addresses these priorities by fostering a favourable business environment. Fostering retail growth and encouraging the use of cutting edge technology will ensure the continued development of this sector in India. The government has worked towards creating an e-commerce infrastructure that provides a level playing field under previous governments, but there is still more to be done. Budget support for the growth of the Open Network for Digital Commerce (ONDC) will be a great start,” Balakrishnan said.
He also suggested that investment in cybersecurity to protect e-commerce platforms and consumers from fraud and data breaches was another key area.
