New Delhi: In recent years, structural reforms initiated by the government have laid the foundation for long-term economic growth. The Union Budget 2023 will set the roadmap for our country in the rapidly changing global scenario. India’s favorable demographics, with a growing share of the working population and growing aspirations of the middle class, have placed it on the cusp of change.
With Budget 2023-24 fast approaching, major industries have presented their wish list to the government to streamline businesses and accelerate growth to be able to contribute to the economy. The Indian direct selling industry is one that has shown steady growth, reaching over USD 2 billion last year. ,ALSO READ: Union Budget 2023 expected to focus on job creation,
It has grown at a CAGR of 15.7 per cent over the last four years despite the effects of the pandemic. The industry expects significant reforms, policy interventions, and focus on youth and entrepreneurship from the Union Budget 2023, which will enable it to rank among the global top 5 markets in the years to come. ,Also read: ‘Why me? Why now?’: 8-month pregnant IT employee writes heart-wrenching post after being fired from Google,
According to Gautam Bali, Managing Director, Vestige Marketing Pvt. Ltd., “The Direct Selling Industry appreciates the initiative taken by our Government in prioritizing the development of infrastructure, which will facilitate the growth of trade and commerce in our country. We hope that this budget will give a boost to structural reforms Which will give the advantage of entrepreneurship to the youth of the country.
“Additional focus on agricultural reforms can also help in unlocking the enormous potential in rural India which can be the engine of our immediate economic growth. Also, a social security scheme offered to gig workers would be a welcome step as Their contribution is vital in boosting our economy.
We believe that this will help the Indian Direct Selling industry to be among the top 5 markets in the years to come. We are optimistic that the Union Budget 2023 will provide a roadmap to transform our country into a $10 trillion economy by 2032.”
According to NITI Aayog, India needs to invest around 13 per cent of its GDP in social work, against the current average of around 7 per cent, to achieve its United Nations (UN) Sustainable Development Goals (SDG) commitments by 2030. . Philanthropy can play a big role in this. To accelerate economic growth that is both inclusive and sustainable.