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After capturing the FMCG marker in segments like toothpaste, biscuits and noodles, yoga guru <keyword id="6355107" type="PERSON" weightage="100" keywordseo="Baba-Ramdev">Baba Ramdev</keyword>'s <keyword id="700471" type="UNKNOWN" weightage="100" keywordseo="Patanjali-Ayurveda">Patanjali Ayurveda</keyword> has now decided to enter the fast growing sacred space of <keyword id="3599532" type="UNKNOWN" weightage="100" keywordseo="home-worship-products">home worship products</keyword>, an industry said to be worth Rs 8,000-crore. 
 To enter the segment, Patanjali would be using the brand name ‘<keyword id="3598728" type="UNKNOWN" weightage="100" keywordseo="Patanjali-Astha">Patanjali Astha</keyword>’, and the products, including agarbatti, dhoop, samagri, and brass diyas etc., would be launched in the coming two months, before Diwali, so that it can make good use of the religious spirit. 
 
"We are creating the new brand - Astha. Research has shown that a lot of established players use chemicals in worship products like incense sticks and dhoop which end up harming consumers. There is a need for natural products in this space," Patanjali's MD Acharya Balkrishna told ET. 
 The product distribution will be under exclusive control of <keyword id="3241025" type="UNKNOWN" weightage="100" keywordseo="Pittie-Group">Pittie Group</keyword> and <keyword id="3240991" type="UNKNOWN" weightage="100" keywordseo="ShubhKart">Shubhkart</keyword>, an online marketplace for religious and spiritual products. 
 
"The range of products are of pre-eminent quality, and will comprise of multiple products and variants," Pittie group CEO Aditya Pittie said. 
 
<a href="http://graceofindia.ca/wordpress/wp-content/uploads/2013/08/header-32.png">Image source</a>

Home worship products next on Baba Ramdev’s radar

<ul><li><keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> announced that inbound travellers to India from <keyword id="174513" type="General" weightage="20" keywordseo="G20-countries" source="Orion">G20 countries</keyword> will be able to use <keyword id="6358921" type="General" weightage="100" keywordseo="UPI" source="Orion">UPI</keyword> for merchant payments. </li><li>India holds the Presidency of the G20 from December 1, 2022, to November 30, 2023. </li><li>In January, NPCI <a href="https://economictimes.indiatimes.com/wealth/spend/upi-payment-extended-to-inbound-travellers-nris-coming-to-india-rbi/articleshow/97717972.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">allowed </a>UPI platforms to onboard NRIs from 10 countries to use UPI with international mobile numbers and Indian bank accounts. </li><li>“International visitors will get to experience digital India without the hassle of carrying cash and dealing with haggling,” said Ravi Battula, VP, merchant acquiring business, Wibmo. </li></ul>From the backwaters of Kerala to the havelis of Rajasthan, there’s a lot about India that excites foreign tourists — but even in the digital age, they’re often stuck paying for these experiences in cash, especially in remote areas. India’s central bank is looking to change this situation. On Wednesday, Reserve Bank of India governor Shaktikanta Das announced that inbound travellers to India from G20 countries will be able to make payments via UPI (Unified Payments Interface). "UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country. To begin with, this facility will be extended to travellers from G-20 countries arriving at select international airports,” said Das. G20, whose presidency India took over last December, is a group of 20 nations – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. Launched by the National Payments Corporation of India (NPCI) in 2016, UPI is an indigenous real-time payment system that allows users to link more than one bank account in a single smartphone app and transfer funds. UPI is also compatible with most digital wallets and payment applications, like GPay, Paytm, PhonePe, and others. There are only four things required to transfer funds via UPI: a smartphone, an active bank account, an active mobile number linked to the bank account, and an internet connection. "This convenience will make India a more desirable destination for international travellers. Moreover, the implementation of UPI in the travel industry will reduce the risk of fraud and enhance the security of financial transactions, further increasing the appeal of India as a tourist destination," shared Nishant Pitti, CEO and co-founder, EaseMyTrip. In January, NPCI <a href="https://economictimes.indiatimes.com/wealth/spend/upi-payment-extended-to-inbound-travellers-nris-coming-to-india-rbi/articleshow/97717972.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">allowed </a>UPI platforms to onboard non-resident Indians (NRIs) from 10 countries to use UPI with international mobile numbers and Indian bank accounts. The countries are — Singapore, Australia, Canada, Hong Kong, Oman, Qatar, USA, Saudi Arabia, UAE, and UK. <cmsannotation type="cmsannotation" annotationid="Reduce international tourists’ dependence on cash" comment="subhead2" text="Reduce international tourists’ dependence on cash">Reduce international tourists’ dependence on cash </cmsannotation> After the pandemic-induced lockdown was lifted, India once again saw a steady influx of foreign tourists with foreign tourist arrivals (FTAs) in June 2022 <a href="https://tourism.gov.in/sites/default/files/2022-09/India%20Tourism%20Statistics%20at%20a%20Glance%20200%20%28Eng%29.pdf">registering </a>a staggering 1,349% growth over June 2021. However, international tourists travelling to India struggle with the ease of transactions. Especially in remote corners of the country where ATMs are non-existent or non-functioning – and when carrying a large volume of cash can be dangerous – digital payments are the way to go. Ravi Battula, vice president of merchant acquiring business at <keyword id="1399736" type="General" weightage="50" keywordseo="digital-payment" source="Orion">digital payment</keyword> solutions company Wibmo, called it a “leapfrogged advancement” in the UPI journey, demonstrating the “power of true real-time payment to the world”. “International visitors will get to experience digital India without the hassle of carrying cash and dealing with haggling. With grass-roots enablement of UPI, this will drive higher commerce from incoming travellers while ensuring the safety of the visitors, as they won’t be carrying large amounts of cash,” added Battula. Moreover, while card-based payment requires a point of sale (POS) terminal, digital payments through UPI only require a quick response (QR) code that’s quick and easy to scan. Simply put, through UPI, users can shop and pay bills simply by scanning a QR code to pay a person, a business, or a service provider. “The RBI’s announcement of extending the scope of UPI to international travellers shows that UPI is making inroads globally. This facility will reduce their dependence on cash and make the process of payments easier for them,” said Anup Nayar, CEO-domestic at In-Solutions Global, a fintech venture. UPI has today become the norm with everyone — be it a rickshaw puller, a cab driver, an online grocery app or a roadside tea stall – using it. Regulated by RBI, UPI is widely regarded as the first step by the Indian government to move towards a cashless economy. The pandemic further pushed the adoption of UPI with people preferring digital, cashless transactions to the hassle of cash exchange. As of January 2023, 385 banks are <a href="https://www.npci.org.in/what-we-do/upi/product-statistics">live </a>on UPI. Together, these banks achieved over 800 crore transactions, with a collective value of nearly ₹13 lakh crore in January 2023. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/hopefully-this-is-last-rate-hike-by-rbi-in-current-cycle-industry-experts/articleshow/97729735.cms">Hopefully, this is last rate hike by RBI in current cycle: Industry, experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/how-you-can-handle-the-higher-home-loan-emi-burden/articleshow/97725816.cms">Don't be in a hurry to prepay but plan for EMIs better say experts as home loan rates rise</a>

Now, tourists from G20 countries will get to use UPI instead of cash in India

<ul><li>A threshold relaxation of ₹7 lakh per financial year from <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> has been given only for overseas spending using international debit or credit cards. </li><li>TCS shall be applicable at 20% on forex cards and cash exchanges without any threshold limit unless a specific clarification is issued by the relevant authorities. </li><li>Individuals <keyword id="648371" type="General" weightage="20" keywordseo="travelling-abroad" source="Orion">travelling abroad</keyword> separately or as a family may separately spend amounts up to ₹7 lakh per financial year on credit and debit cards. Group tours are set to cost more.</li></ul>Tax collected at source (TCS), and not the IT giant, was trending earlier in May after the Finance Ministry issued a notification stating that international credit cards would also be covered under the liberalised remittance scheme (LRS) – meaning a TCS of 20% would <a href="https://www.businessinsider.in/personal-finance/news/credit-card-now-under-lrs-ambit-20-tcs-to-be-charged-on-spends-using-international-credit-cards/articleshow/100323990.cms">apply to credit cards as well</a>. After facing a backlash, on May 19, another clarification was issued stating that payments made using international credit and debit cards up to ₹7 lakh shall be excluded from LRS. Hence no TCS shall be applicable on payments made by international credit and debit cards up to ₹7 lakh in a financial year. Any payment beyond ₹7 lakh shall attract TCS at the rate of 20%. However, confusion still prevails, and there is uncertainty on how this will impact foreign travel. People are wondering if there are ways to minimise the impact. We spoke to experts to find out. TCS to apply on forex card, cash exchanges without threshold limit “No specific clarification has been provided on the threshold limits for applicability of TCS on forex cards and cash exchanges, it is assumed that new TCS rules shall apply on forex card and cash exchanges,” says Kunal Savani, partner at law firm Cyril Amarchand Mangaldas. Hence, TCS shall be applicable at 20% on forex cards and cash exchanges without any threshold limit unless a specific clarification is issued by the relevant authorities. Says Suresh Surana, founder of RSM India, an audit, tax and consulting firm, “Assuming that a forex card would generate foreign exchange liability, the same would be covered under the scope of LRS, and TCS under section 206C(1G) would be applicable on the same without the threshold limit of ₹7 lakh as applicable in case of international credit, and debit cards.” TCS @20% applicable on entire amount when booking foreign tours “In case of overseas tours the Finance Act has amended section 206C(1G) of the Income-tax Act, 1961 thereby making TCS applicable on such overseas tours at the rate of 20%. No threshold limit has been provided, and hence a 20% TCS shall be applicable on the whole amount,” says Savani. The tour provider shall collect TCS at 20% in addition to the tour cost. This was introduced in Budget 2023, and has not been amended. It should be noted that the threshold relaxation of ₹7 lakh per financial year (FY) from TCS has been given only for overseas spending using international debit or credit cards. “This relaxation shall not be available for any remittances made from India for tour booking; and TCS on tour operators shall continue to be levied from ₹1,” says Vivek Jalan, partner, Tax Connect Advisory, a professional services firm. For example, if two people are going on a tour, and if the total cost is ₹5 lakh, then this will come under LRS, and the ₹7 lakh exemption will not be applicable. However, if they spend ₹5 lakh overseas on shopping, with international credit or debit cards, then the exemption will be applicable. Exemption applicable on a cumulative basis on all credit, debit cards “The exemption of ₹7 lakh applies to payments made through credit/debit cards only, and not to forex cards. From a reading of the press release, it appears that it is a combined limit applicable to payments made through credit, and debit cards taken together,” says Riaz Thingna, partner, tax, Grant Thornton Bharat, an assurance, tax and advisory firm. So, let us say that when travelling abroad with family in a certain financial year, someone spends ₹5 lakh on a credit card, and ₹5 lakh on a debit card. The first spend of ₹5 lakh from the credit card will not attract TCS as it is below the threshold of ₹7 lakh. The next spend of ₹5 lakh from the debit card will attract TCS in the following manner – there will be no TCS on ₹2 lakh, but a TCS @ 20% will apply on the balance ₹3 lakh. “However, if one uses a forex card, TCS @ 20% will be applicable on the amount of the foreign exchange credited to the forex cards without any exemption limit,” says Riaz. Minimise the impact of TCS on a foreign vacation When booking a tour package, there is no way one can minimise the impact of TCS when travelling abroad. “However, one may book in components, such as flights, hotels, etc., instead of booking a whole tour package,” says Nishant Pitti, chief executive officer and co-founder of EaseMyTrip. If the booking is done through a credit or debit card, one can get the benefit of the exemption limit. Also, LRS is available to all resident individuals including minors. Further, effective 1 July 2023, these new regulations would be applicable on all aggregate card spends above ₹7 lakh in a financial year, calculated separately for each resident individual. “Therefore, individuals travelling as a family/individuals travelling together, may separately spend amounts up to ₹7 lakh per financial year on credit cards, debit cards, while travelling abroad. In that case, TCS would not be applicable since it is below the threshold limit for each individual,” says Rajesh Srinivasan, partner at Deloitte India. If the total spend is exceeding ₹7 lakh, one may use credit or debit cards of different family members for booking to not pay any TCS. How to claim tax credit on TCS From July 1, 2023, Reserve Bank of India (RBI)- authorised banks would need to collect TCS. They would need to file quarterly returns, and provide necessary details including PAN of the Indian resident individual, and the amount remitted under LRS. TCS amount collected by the authorised bank would not be a sunk cost, and can be set-off against the tax payable on the individual’s total income (or) claimed as a tax refund in India. “Once quarterly TCS returns are filed by the authorised bank, the TCS amounts would reflect in Form 26AS of the Indian resident individual. Form 26AS refers to taxpayer’s records as available to the income-tax office, and contains details of taxable amounts remitted, and corresponding TDS and TCS,” says Srinivasan. TDS refers to tax deducted at source. He says that, therefore, no separate records need to be maintained by the Indian resident individual to claim tax credit later. Based on the Form 26AS (available in the individual’s login on the income-tax portal), the Indian resident individual can claim TCS as a tax credit or tax refund, while filing his/her income-tax return for the financial year. Also, the Indian government recently announced that it intends to automate the process of granting immediate TCS credit in case of salaried taxpayers. “The government proposes to link, and grant 20% TCS as credit against the monthly TDS due on the salary income of taxpayers. Procedures, and further announcements in this regard are expected in the coming weeks,” says Srinivasan. However, there is something that one needs to keep in mind. “The foreign exchange spend should be in proportion to the earnings. A person who spends say ₹10 lakh on a personal foreign tour in a fiscal year cannot declare an income of say just ₹12 lakh, or for that matter ₹15 lakh, all other things being constant,” says Jalan. TCS will make foreign tour packages more expensive upfront. However, the good news is that you can avoid TCS on your expenditures abroad, and get a tax credit easily in case you pay any TCS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ott-releases-to-watch-for-june-2023/articleshow/100643939.cms">OTT releases to watch for June, 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/icc-top-brass-seeks-pcb-assurances-that-it-will-send-team-to-india-for-odi-world-cup/articleshow/100643947.cms">ICC top brass seeks PCB assurances that it will send team to India for ODI World Cup</a>

New TCS regulations may pinch your wallet while travelling abroad. Here’s how you can minimise the impact

<ul><li><keyword id="175043" type="PERSON" weightage="20" keywordseo="charter-flights">Charter flights</keyword> and <keyword id="121140" type="PERSON" weightage="20" keywordseo="private-jets">private jets</keyword> come to the rescue of the rich even though they cost lakhs per hour. </li><li>Family reunions have been a major cause for the booking of charter flights.</li><li>Even companies that had the means to fly privately, but had previously eschewed it, are now looking at the option due to its safety, hygiene, and convenience factor. </li></ul>COVID-19 pandemic has changed everything. The way we live, eat, work, and even travel. While flying may have resumed gradually with India opening up routes both locally and with air bubbles internationally, the concerns around ‘safe travel’ remains. No more hustle and bustle at the airports or jostling in the queues at the check-in counter, and the only airport look that works right now is a PPE kit, complete with a mask and face shield. While travel until now was limited to emergencies and business purposes, India’s elite are looking at ways where they see minimal interaction with the crowds at the otherwise busy airports. And so, charter flights and private jets have come to the rescue of the rich even as they cost lakhs per hour. With the reopening of the economy, travel booking platforms are seeing a rise in demand for charter flights. “Earlier, we used to get 10-12 requests in a week, now that’s the number of requests we receive in a day. In the past one month, we have booked 15-20 international charter flights,” said Nishant Pitti, founder of EaseMyTrip. Similar spike in demand was seen at JetSetGo, an <keyword id="31907" type="COMPANY" weightage="20" keywordseo="Aviation">aviation</keyword> startup that specializes in bookings of helicopters and charter flights. While business has bounced back for them, its yet to reach pre-COVID levels. “Just before the lockdown was announced, the demand surge was nine-fold but we were only able to fulfil 50-60% due to various regulations which kept changing overnight within countries,” Kanika Tekriwal, CEO &amp; Founder, JetSetGo Aviation told Business Insider. Top route requests within India <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata – Ahmedabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai – Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai – Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi – Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vijayawada – Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata – Ahmedabad </td></tr></tbody></table> Top international destination requests <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Thailand </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Singapore </td></tr></tbody></table> Price for charter flight booking <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aircraft </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Seating Capacity </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hourly booking cost </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">King Air B200 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 pax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hawker 750 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 pax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,50,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hawker 850 XP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 pax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,50,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citation XLS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 pax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,50,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Falcon 2000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 pax </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,50,000 </td></tr></tbody></table>Source: JetSetGo While family reunions have been the major cause of booking for charter flights, Tekriwal also shared that people and companies that had the means to fly privately, but had previously eschewed it, are now looking at the option due to its safety, hygiene and convenience factor. In fact, corporates too are asking for group bookings. “Earlier, they used to ask for airline group codes, which we used to get and give the consumer but now their query is shifted to charter flights or booking full flights,” said Pitti. While leisure travel is slowly picking up, the big fat Indian weddings remain a source of business as families ensure that 'baraatis' are travelling safely. Pitti said that they have gotten requests for <keyword id="9896605" type="UNKNOWN" weightage="20" keywordseo="charter-flight-bookings">charter flight bookings</keyword> for weddings in Udaipur as well. The demand for these can soon go up as the special terminal for private jets at Indira Gandhi International Airport, Delhi is also <a href="https://www.hindustantimes.com/india-news/terminal-for-private-jets-at-igi-airport-ready-security-nod-awaited/story-NL5KaDmm6cpAvrDY98lMVI.html">reportedly </a>ready for use but is awaiting security approvals for operation. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tata-consumer-is-now-the-third-most-valued-tata-company-after-tcs-and-titan-and-analysts-expect-more-premium-ahead/articleshow/77975339.cms">Tata Consumer is now the third most valued Tata company — and analysts expect more premium ahead</a> <a href="https://www.businessinsider.in/business/news/covid-19-and-the-changing-face-of-the-business-of-beauty-from-sanitized-salons-to-diy-kits-and-acquisitions/articleshow/77972919.cms">COVID-19 and the changing face of the business of beauty — from sanitized salons to DIY kits and acquisitions</a>

Where there's money, there's a way – charter flight bookings jump as India's wealthy seek private and safe travel

New Delhi, May 16 () The government's announcements for civil aviation sector breathe some life into the coronavirus pandemic-hit sector and will provide overall positive sentiment, experts said on Saturday, even as some of them emphasised the need for support for airlines. On Saturday, Finance Minister Nirmala Sitharaman announced plans for managing airspace efficiently, making the country a MRO (Maintenance Repair and Overhaul) hub, and auctioning of six more airports on PPP model. GMR Group Chairman G M Rao said India is leading the growth of civil aviation sector globally and is generating significant economic impact. According to him, rationalising Indian airspace is a significant step that would benefit not only the entire sector but also bring down travel time for passengers. Privatising six new airports under public-private partnership (PPP) model would generate significant economic effect and would lead to creation of new jobs. "Likewise, tax incentives for the MRO sector will not only bring foreign investment into India and impact the economics of the airlines but will also open up new opportunities for youth to build careers. The investments being made in airports, privatised in the first two phases, are already leading to enhanced job creation in both aero and non-aero areas," he said. GMR Group manages two airports -- Delhi and Hyderabad -- through PPP model. Welcoming the announcements, GVK Group founder and Chairman G V K Reddy said the move to have PPP model for six more airports would provide the Airports Authority of India (AAI) resources to develop smaller airports across the country. "The plans to make India a global MRO hub will ensure savings of precious foreign exchange and enable Indian airlines to get their aircraft serviced locally," he said. GVK Group manages Mumbai airport through PPP model. Consultancy EY India's Transaction Partner Kuljit Singh said the announcements are good initial first steps and this might be followed by a second phase of reforms package. "... the second phase may need to have more reforms in taxes on fuel, subvention for airport charges, government guarantees for additional unsecured borrowings of private airlines etc," he noted. Law firm Cyril Amarchand Mangaldas' Partner Ajay Sawhney said that today's announcement breathe some life into the pandemic-hit civil aviation sector, but no mention of bailouts on an immediate basis may attract mixed response from the industry. "Though, easing curbs on airspace would certainly bring in long term efficiency, and on an immediate basis some relief to the airlines, but a more meaningful intervention may be required if the aviation sector is not on the recovery path soon," he noted. Travel portal EaseMyTrip.com Chairman and CEO Nishant Pitti said the announcements would definitely provide positive sentiments for the industry overall. "In addition for industry to withstand the recovery period, government will need to support the backbone, airlines, in these turbulent times through tax relief or relaxation in multiple charges paid by airlines to reduce their costs," Pitti said. Vasudevan S, Partner (Infrastructure Government and Healthcare) at consultancy KPMG in India said the aviation sector is the hardest hit because of the global pandemic with an estimated USD 500 billion loss in airline and airport revenues in FY20. Airport PPP transactions will help unlock value for AAI and state governments, given current investor interest and long-term potential of the Indian market. "Rationalising the MRO tax structure has been a long pending demand of the industry and it is good to see that happening finally, but more needs to be done to create a level playing field, attract foreign investment and make it profitable," he noted. Care Ratings Chief Economist Madan Sabnavis said aviation sector has incentives as six airports would have PPP model, but the "question is who will invest now when future of airlines is uncertain". Consultancy Deloitte India Partner Peeyush Naidu said the initiative for private sector participation for operations, management and development of airports is well-intentioned. IAS GDK RAM RVK

Govt measures will provide positive sentiment for civil aviation sector: Experts

<ul><li>The company had seen its IPO being oversubscribed by 159.33 times the offer value.</li><li><keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword>’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel.</li><li>However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry.</li></ul>Easy Trip Planners Ltd, the parent company of online travel aggregator platform EaseMyTrip, which made its debut in the stock market today, saw its share price list at ₹212.25 at 9.50 am, 13.5% higher than the IPO issued price of ₹186-187 per share. However, within minutes of trading the share price fell to ₹204 at 10.13 am. Since its listing, the company’s market value rose to ₹2,305 crore. In the grey market, the shares of the company were trading at ₹160-165, as per <a href="https://www.livemint.com/market/ipo/easy-trip-planners-ipo-grey-market-premium-listing-gains-allocation-dates-in-10-points-11615094894205.html">reports.</a> However, the grey market is not an official measure of the market premium. The company had seen its IPO being oversubscribed by 159.33 times the offer value, with its QIB portion being subscribed 78 times, HNI 384.26 times and retail 70.78 times. EaseMyTrip’s IPO comes at a time when the fears of another lockdown are surging in the country, which could potentially affect travel. With the rising number of COVID-19 cases, several states have issued advisory while many cities are now subject to lockdowns or night curfews. However, ahead of its IPO, EaseMyTrip seemed optimistic about the travel industry. “In our third quarter of 2020, we have already recovered 70% of where we were during the same period last year,” Prashant Pitti, director at Easy Trip Planners (the parent company of EMT) told Business Insider in an interview. The company is an exception among a large pool of internet companies, which have tried to get listed – EaseMyTrip has bootstrapped its way to the public markets. Founded in 2008, the company is India’s second largest travel aggregator. EMT claims to have achieved profitability and calls itself “the only profitable company among key OTAs (online travel aggregators) in India”. According to a CRISIL report, as of FY20, EMT had a market share of 5% in India. However, the company believes that it would have gained market share in the last year. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/delhi-high-court-brings-up-civil-prison-for-violation-directs-future-group-to-recall-approvals-granted-to-future-retail-reliance-deal/articleshow/81570521.cms">Kishore Biyani vs Amazon – Delhi High Court brings up ‘civil prison’ for violation by Future Group, asks for recall of approvals granted to Future Retail-Reliance deal</a> <a href="https://www.businessinsider.in/business/corporates/news/accenture-announces-one-time-bonus-for-all-employees-as-the-tech-giant-sees-robust-revenue-growth/articleshow/81572548.cms">Accenture announces one-time bonus for all employees as the tech giant sees robust revenue growth</a>

EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after

<ul><li>Online <keyword id="3972628" type="PERSON" weightage="20" keywordseo="travel-aggregators">travel aggregators</keyword> in India work in a system where they have a virtual wallet with preloaded money for bookings. So airlines have refunded money into these ‘wallets’.</li><li>Currently, <keyword id="5030468" type="UNKNOWN" weightage="20" keywordseo="EaseMyTrip">EaseMyTrip</keyword> claims to be the only company who has been refunding money to the customers bank accounts.</li><li>The <keyword id="6354692" type="UNKNOWN" weightage="20" keywordseo="Travel">travel</keyword> and tourism industry has been the worst hit due to <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Even the most avid travellers have declared 2020 a no travel year. </li></ul>The Ministry of Civil Aviation in India announced on April 16 that airlines will have to give a full refund for cancelled tickets, due to the coronavirus lockdown. While passengers across the country heaved a sigh of relief, travel aggregators knew this was a double whammy for them. Why? Online travel aggregators in India work in a system where they have a virtual wallet with airlines where they have preloaded money for bookings. So when airlines refund the tickets it comes into this wallet, which can’t be used for refunds or transfer of money into accounts. But for travel aggregators to issue refunds it will have to come out of their pockets, and its airline credit is not transferred. “So our wallet balance with airlines will be blocked till the time we start getting fresh bookings and we have to use our cash flow to refund to customers, whenever fresh bookings will start we would be able to utilize that agency wallet to book tickets for our customers,” Nishant Pitti, Co-founder and CEO, EaseMyTrip told Business Insider. Currently, EaseMyTrip claims to be the only company who has been refunding money to the customers’ bank account even if airlines are providing amounts in EMT’s virtual wallet only. “We have been receiving money on our virtual wallet from airlines which is of no use for the time being. But still we are paying money to customers' bank accounts from our own expense,” said Pitti. Before Covid19, the company used to process 30,000 air tickets on a daily basis. 2020 – a dark year for the travel and tourism industry And it’s not the story of EaseMyTrip alone. As 2020 began, Indian travel aggregators were in a conundrum like never before. As the news about the deadly coronavirus spread from China’s Wuhan, people began cancelling their tickets. Travel aggregators began to dread the imminent future – bookings would slow down. But then worse things were in store, flights across the world were suspended and bookings stopped completely. The travel and tourism industry has been the worst hit due to coronavirus. Even the most avid travellers have declared 2020 a no travel year. “The year 2020 could be a complete washout for the travel and tourism industry in India too if we don’t take immediate steps – not just to contain the impact of virus on lives but also its devastating impact on businesses that support millions of livelihoods,” MakeMyTrip founder Deep Kalra wrote in <a href="https://theprint.in/opinion/india-tourism-sector-life-support-liquidity-covid-crisis-makemytrip/410590/">an article</a>. The travel and tourism sector in India is expected to lose ₹5 lakh crore and see job cuts for over 4 crore people, according to <a href="https://economictimes.indiatimes.com/news/economy/indicators/indias-tourism-sector-may-lose-rs-5-lakh-cr-4-5-cr-jobs-could-be-cut-due-to-covid-19/articleshow/74968781.cms?from=mdr">Confederation of Indian Industry (CII).</a> The industry body also estimates that “branded hotel groups are set to lose as much as ₹1.1 lakh crore, online travel agencies ₹4,312 crore, tour operators (inbound and domestic) ₹25,000 crore, adventure tour operators ₹nearly 19,000 crore and cruise tourism ₹419 crore.” See Also: <a href="https://www.businessinsider.in/india/news/india-likely-to-announce-second-stimulus-package-on-friday-indicated-top-government-officials/articleshow/75462880.cms">India likely to announce second stimulus package on Friday, says top government officials</a> <a href="https://www.businessinsider.in/india/news/finally-millions-of-indias-stranded-migrants-can-get-a-transport-home-but-conditions-apply/articleshow/75453118.cms">Finally, millions of India’s stranded migrants can get a transport home — but conditions apply</a>

Double whammy for India’s travel aggregators – bookings have stopped but refunds come out of their own pockets

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Airbnb is letting guests meet animal celebrities after extending its housing options in 2016 to include tourism experiences with locals.</li><li>For an extra $50 to $150, Airbnb's new Animal Experiences program lets guests go on adventures with one of Instagram's most famous cats, a pack of nine rescue dogs, heroic cows Brianna and Winter, and other animals of Internet stardom.</li><li>Guests might recognize some of these animals from <keyword id="6354777" type="COMPANY" weightage="100" keywordseo="Media">media</keyword> brand The Dodo, which is picking 50 of these experiences for Airbnb. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>With 4.2 million followers, Nala is described as one of the most Instagram-famous cats, and now, Airbnb guests can meet her along with other online animal sensations.Airbnb launched its Experiences in 2016 as a way for guests to explore new places with locals, and it just expanded those options to animals.The Animal Experiences option includes over 1,000 trips with more than 300 species. People hosting these experiences have to comply with Airbnb's <a href="https://www.airbnb.com/help/article/2578/what-are-the-animal-welfare-guidelines-for-airbnb-experiences">animal welfare policy</a>, head of Animal Experiences Mikel Freemon told Business Insider.Airbnb worked with The Dodo, a Group Nine Media brand that tells stories about animals and has shown dedication to animal welfare, to design 50 of the experiences.<h2>'It's like meeting a celebrity': The Dodo teams up with the stars of their viral videos to curate Animal Experiences</h2>The Dodo helped Airbnb put together activities that are enjoyable for guests and humane for the animals, Dodo president YuJung Kim said. It wasn't easy, though, since cats tend to be indoor creatures. In the case of Nala, her owner came up with the idea of having guests <a href="https://www.airbnb.com/experiences/1193231?af=&amp;c=.pi0.pk77815316334_386522854459_c_824261762858&amp;sem_position=1t1&amp;sem_target=kwd-824261762858&amp;location_of_interest=&amp;location_physical=9067609&amp;gclid=EAIaIQobChMIsLSE-oW_5QIVFIiGCh02iAvNEAAYASAAEgJ59fD_BwE">visit Nala's kitchen</a>, the California factory where her cat food line called Love, Nala is made. Guests can meet Nala, watch her sample her pet food, get selfies of her and take home gift bags for their own cats. Penni Dog, the pitbull who stars in The Dodo series "<a href="https://www.thedodo.com/series/pittie-nation">Pittie Nation</a>" and has over <a href="https://www.instagram.com/pennidog/">47,000 followers</a> on Instagram, presented the opposite problem: A former rescue dog, she prefers outdoor activities like rock climbing and ziplining, so the solution was to offer Airbnb guests a <a href="https://www.airbnb.com/experiences/1179227?af=&amp;c=.pi0.pk78554493549_386778049579_c_828116310692&amp;sem_position=1t1&amp;sem_target=kwd-828116310692&amp;location_of_interest=&amp;location_physical=9067609&amp;gclid=EAIaIQobChMIoMKij5m_5QIVA-iGCh3U3AXfEAAYASAAEgJdXfD_BwE">hike to one of her favorite hot springs</a> in Nevada."When her human dad adopted her she was very scared," Kim said. "She had been through a lot and was generally very introverted and very skittish, so as a way of making her feel more confident they started going on hikes together."Other Dodo-designed Animal Experiences for Airbnb are a <a href="https://www.airbnb.com/experiences/1179131">picnic</a> with pig and dog duo Pickles and Dill who have <a href="https://www.instagram.com/livingwithpickles/?hl=en">100,000 Instagram followers</a>; a <a href="https://www.airbnb.com/experiences/1188602?source=p2">safari</a> with cow Brianna who once survived a fall from a transport truck while pregnant; and a <a href="https://www.airbnb.com/experiences/1185868?source=p2">day filled with nine rescue dogs</a> inspired by The Dodo series "<a href="https://www.thedodo.com/series/ruff-life-with-lee-asher">Ruff Life with Lee Asher</a>."The animal experiences cost guests an extra $50 to $150 per person. The companies share revenue from the trips.<a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=instagram&amp;itm_campaign=stories-slide-deck"></a>

Airbnb is letting people book trips with Instagram-famous pets like Pickles the Pig, Nala Cat, and Penni Dog

<ul class="summary-list"><li><keyword id="9393435" type="UNKNOWN" weightage="60" keywordseo="claire-saffitz">Claire Saffitz</keyword>, a contributing editor and YouTube personality at Bon Appétit, is the lastest person to speak out against a <keyword id="24504" type="ORGANIZATION" weightage="100" keywordseo="culture">culture</keyword> that employees of color have called "toxic."</li><li>In an Instagram post, she said she was aware of some of the "racist, secret, and ultra-competitive" behavior in the workplace, but she'd "missed" critical instances of discrimination.</li><li>The pastry chef said she planned to "do the work of repair" to earn her colleagues' respect as an ally.</li><li>Saffitz's note follows a turbulent week for Condé Nast and Bon Appétit, as multiple employees have made — or been subjects of — accusations of discrimination. </li></ul>Following a flurry of accusations of discrimination at Condé Nast's elite <keyword id="6181" type="COMPANY" weightage="60" keywordseo="Food">food</keyword> publication Bon Appétit, another high-profile personality associated with the brand is condemning the company's behavior. Contributing editor Claire Saffitz, a pastry chef who has developed an enthusiastic fandom after starring in several of Bon Appétit's YouTube series, is the latest food personality to speak out against the culture that former and current employees have called "toxic" and riddled with microaggressions. In an Instagram <a href="https://www.instagram.com/p/CBTz1adjppL/?igshid=i94ex58mpekt">post</a> on Thursday, the "Gourmet Makes" host wrote that she had spent the past few days "searching for words" to address the ongoing controversy surrounding the publication. Ultimately, she said, she rejected the advice she'd been given about how to handle the situation in order to avoid re-sharing the "trite and hollow" promises about "listening" and "doing better."Statements of solidarity, she continued, "don't matter without sustained and meaningful action.""The point of this post is not to perform an apology or save face, it's not about view counts or likes," she wrote. "It's about complicity and accountability."As an employee, she revealed, she was aware of some of the "toxic, racist, secret, and ultra-competitive" environment at Bon Appétit, but she also "missed a lot.""I should have seen it earlier and used my platform and clout to push back against leadership," she wrote, acknowledging that her privilege — racial, educational, and economic — helped her "enter and succeed in a toxic system."She went on to address some of the specific accusations made by her colleagues, Sohla El-Waylly and Christina Chaey, who wrote in recent Instagram stories that they were not compensated for their video work. Saffitz said that as a freelance video host, she "exempted [herself] from action," failing to inquire further about her colleagues' compensation when inviting them to appear in her Gourmet Makes videos."I valued the talent and skill of the crew behind the scenes as well, but didn't act to make their work more recognized," she said of her behavior. Ultimately, Saffitz said, she felt "deeply sh---y" about the situation, but pledged to put her feelings aside to "do the work of repair.""I only hope that through sustained learning/unlearning/relearning I can better show up for people who I deeply respect, and eventually earn their respect as an ally," she concluded. The post appeared to resonate with Saffitz's fans and colleagues alike. "I see you and see the hard work you're engaging in offline," Chaey commented on the post, adding two heart emojis. "Appreciate you not using this as a chance for everyone to pitty you or use 'white tears,'" one commenter wrote. "Hopeful that good changes are coming."<h2>Saffitz's post follows a tumultuous week for Bon Appétit in which high-profile leaders at the publication have been accused of discriminatory behavior and employees have called the outlet's work environment "toxic" for people of color. </h2>On Monday, a photo of <keyword id="1173135" type="PERSON" weightage="60" keywordseo="Bon-Appetit">Bon Appetit</keyword> editor-in-chief Adam Rapoport's offensive Halloween costume from 2004 surfaced online, sparking outrage and beginning a larger conversation about the publication's alleged history of inequality. Rapoport resigned later that evening.Later in the week, problematic social media posts from other employees at the publication began circulating online. Alex Delany, the drinks editor at Bon Appétit, stirred up controversy when a Twitter user unearthed a 2010 photo from his Tumblr account featuring a <a href="https://www.insider.com/confederate-flag-cake-bon-appetit-editor-resurfaces-2020-6">Confederate-flag cake</a>. The same day, Eater staff writer Elazar Sontag unearthed a 2013 Vine Video in which Delany used a <a href="https://www.insider.com/bon-appetit-alex-delany-vine-slur-andy-baraghani-antoni-porowski-2020-6">homophobic slur</a>. Meanwhile, another Twitter shared old tweets from Condé Nast executive Matt Duckor that contained <a href="https://www.insider.com/bon-appetit-matt-duckor-offensive-tweets-conde-nast-reckoning-continues-2020-6">homophobic and racist jokes</a>. Both Delany and Duckor apologized for the offensive content — and Duckor left the company, according to an email from Condé Nast Entertainment's president, Oren Katzeff, <a href="https://www.businessinsider.com/conde-nast-matt-duckor-leaves-company-backlash-diversity-2020-6">obtained</a> by Business Insider.Meanwhile, 14 former and current employees of the company <a href="https://www.businessinsider.com/bon-appetit-adam-rapoport-toxic-racism-culture-2020-6">told Business Insider's Rachel Premack</a> that they felt personally and professionally "slighted" while at the company, receiving contracts that were inferior to their white colleagues' and being excluded from "professional and social groups."On Thursday, Bon Appétit issued a <a href="https://www.bonappetit.com/story/where-we-go-from-here">statement</a> about the outlet's plans to "take ownership" of its mistakes and change its culture, centering nonwhite narratives and content and rebuilding trust among staff and freelancers. "This is just the start," the statement read. "We want to be transparent, accountable, and active as we begin to dismantle racism at our brands."Read more:<a href="https://www.businessinsider.com/bon-appetit-adam-rapoport-toxic-racism-culture-2020-6">Bon Appétit's editor in chief just resigned — but staffers of color say there's a 'toxic' culture of microaggressions and exclusion that runs far deeper than one man</a><a href="https://www.insider.com/bon-appetit-christina-chaey-speaks-out-about-alleged-pay-inequity-2020-6">Bon Appétit editor Christina Chaey says she was not paid 'a single dollar' for her Test Kitchen video appearances</a><a href="https://www.insider.com/bon-apptit-timeline-allegations-drama-culture-race-andy-alex-sohla-2020-6">Bon Appétit's week from hell: How a deluge of allegations depicting a 'toxic' work culture left the magazine in chaos</a>

Bon Appétit star Claire Saffitz says she was 'aware of the toxic, racist' culture at the publication

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

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