Haryana News Time

Expectations for the Budget for 2024: What Will FM Add to the E-Commerce Cart?

<p><strong>Expectations for the Indian Budget 2024:</strong> The e-commerce industry is ablaze with anticipation as Budget 2024 draws near. It is widely expected that government measures would assist MSMEs in promoting their brands and goods on e-commerce platforms.</p>
<p><img decoding=”async” class=”alignnone wp-image-379998″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-expectations-for-the-budget-for-2024-what-will-fm-add-to-the-e-commerce-cart-sd-11.jpg” alt=”theindiaprint.com expectations for the budget for 2024 what will fm add to the e commerce cart sd 11″ width=”1077″ height=”718″ title=”Expectations for the Budget for 2024: What Will FM Add to the E-Commerce Cart? 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-expectations-for-the-budget-for-2024-what-will-fm-add-to-the-e-commerce-cart-sd-11.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-expectations-for-the-budget-for-2024-what-will-fm-add-to-the-e-commerce-cart-sd-11-150×100.jpg 150w” sizes=”(max-width: 1077px) 100vw, 1077px” /></p>
<p>Creating a staff with cybersecurity expertise is one of the most important requirements for ensuring safe and secure e-commerce transactions.</p>
<p>The e-commerce industry has high hopes for the budget of 2024, and these are only a few of them. To understand how the government handles these issues and determines the future of e-commerce in India, a watchful eye will be on the forthcoming budget.</p>
<p><strong>Its primary areas of attention are as follows:</strong></p>
<p>The retail business depends on technology to succeed, according to Dr. Somdutta Singh, a serial entrepreneur, founder and CEO of Assiduus Global Inc., LP Angel Investor, Advisor to the Government of India, and Core Committee Member of WEP-Niti Aayog. A well-designed budget that prioritizes innovation and company growth, providing funding for R&D and incorporating cutting-edge technology like data analysis and artificial intelligence, can help companies remain responsive to customer needs.</p>
<p>Furthermore, cooperative initiatives including governmental organizations, corporate executives, and academic institutions may create a common working network that aids in the establishment of new companies.</p>
<p><strong>Pay Attention To Small Retailers</strong></p>
<p>Singh pleaded with legislators to give small merchants in tier 2 and tier 3 cities first priority. There are retailers in these cities that have a chance to grow and compete with larger established companies.</p>
<p>Funds for implementing technology and improving skills should be set aside in the budget. The government may support local firms and help them not only survive market issues but also thrive in the competitive retail environment by investing in education and skill development.</p>
<p>Singh also emphasized Open Network’s contribution to digital commerce.</p>
<p>“I anticipate that this money may support the Open Network for ONDC initiative’s execution. By using standardized data and procedures, this program may enable MSMEs to take advantage of entry hurdles and access a range of e-commerce platforms, according to Singh.</p>
<p><strong>MSME Online Sales</strong></p>
<p>Singh went into more detail on how MSMEs’ embrace of e-commerce will help them enter both local and foreign markets, which would promote economic development.</p>
<p>Sustainable growth would be promoted by allocating budgetary resources to help MSMEs incorporate e-commerce platforms into their business plans. Singh emphasized that ONDC would also be crucial in forming the MSME ecosystem by helping suppliers contact a wider range of clients and use a variety of logistics to spur rapid expansion.</p>
<p><strong>Expectations of ONDC Regarding Budget 2024</strong></p>
<p>According to a statement from ONDC, the country’s small startups, MSMEs, and major corporations that make up the ONDC ecosystem will depend heavily on this year’s budget.</p>
<p>In order to help consumers and companies get the most out of an open network like ONDC Network, we want to see more streamlined processes and compliance in areas like financial services in the budget. The ONDC said, “We are optimistic that the Government will keep enhancing the regulatory compliance requirements for new business models that rely on DPIs.</p>
<p>The ONDC continued by saying it anticipates further initiatives to hasten digitalization across the country, even in smaller towns, cities, and villages.</p>
<p><strong>Technology for Simplified Life</strong></p>
<p>According to Unicommerce, a SaaS platform that enables e-commerce, India’s thriving retail industry is constantly adapting to suit the demands of its consumers, thanks in part to the country’s growing e-commerce ecosystem. The government has used technological technologies throughout time to facilitate logistics, lower taxes, and encourage the use of e-commerce to increase exports.</p>
<p>The statement went on, “We anticipate continued government support in facilitating the use of technology to make India’s retail sector future-ready and aligned with growth opportunities.”</p>
<p><strong>Startup Scene & Online Sales</strong></p>
<p>The founder and CEO of checkout network Simpl, Nitya Sharma, said that the Indian startup scene has the power to greatly boost the nation’s economy, improve people’s lives, and hasten India’s transition to a $1 trillion internet economy by 2030.</p>
<p>“The Vote on Account this year and the union budget for the whole year should see startups as the dawn industry, provide sellers simple financing similar to that of MSMEs, and create additional opportunities in the age of e-commerce unbundling, which has begun with ONDC. We would anticipate further cooperation between the government and business to expeditiously clear obstacles and further streamline the ease of doing business in India.</p>
<p>Recall that this year’s budget is still provisional because of the approaching Lok Sabha elections. Policy announcements may be restricted, but programs for talent development and digital infrastructure may still make some headway.</p>

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