BackBudget 2024 Expectations: Better financial backing, spending power will support MSMEs value chain: Tarun Joshi, CEO, IGP
Tarun Joshi, CEO and Founder of Join Ventures & IGP insights on how interim budget can impact the supply chain of gifting business in an exclusive interaction with LiveMint
PremiumAs India is only a day away from Finance Minister Nirmala Sitharaman tabling interim budget 2024-2025, Tarun Joshi, CEO and Founder of Join Ventures & IGP shared insights into the potential impact of budget on the gifting industry and his businesses.
In an exclusive interaction with Livemint Joshi shared crucial aspects of infrastructure, collaborations, and supply chain dynamics. He offered a comprehensive perspective on how budgetary allocations may shape the future landscape for personalized and handmade items, efficient supply chains, and consumer preferences.
Edited Excerpts:
Q: As your business relies on efficient delivery, are there any budget proposals related to road, air, or digital infrastructure development that could benefit you?
In light of the Ministry of Road Transport and Highways' commendable proposal for a budgetary allocation of ₹3.25 lakh crore for the fiscal year 2024-25, has been supported by the gift delivery services. This financial commitment resonates profoundly with our operational imperatives, specifically the integral role that streamlined infrastructure plays in facilitating the swift and reliable same-day delivery and 30-minute delivery services offered by our Join Ventures.
Q: Do you see any opportunities for your business through collaboration with government agencies or procurement channels?
While navigating the inherent uncertainties of the future, IGP.com and Join Ventures remain strategically open to potential collaborations with discerningly chosen government agencies or procurement channels. Such collaborations, if aligned with our core business objectives, hold the potential to enhance our operational efficiency and contribute to mutually beneficial outcomes.
Q: Do you foresee the budget influencing gifting trends or consumer preferences in India?
The profound impact of budgetary decisions on consumer behaviour, including gifting trends, is a nuanced consideration. I envision that a meticulously crafted budget, providing consumers with judicious spending flexibility, could act as a catalyst, positively influencing gifting trends. This, in turn, would likely stimulate heightened consumer participation across various economic sectors.
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Q: How is the budget allocated to improve the efficiency of the supply chain for personalized and handmade items?
Embracing the proposed budget with optimism, particularly the delineated schemes supporting artisans and Micro, Small, and Medium-scale Enterprises (MSMEs). I foresee transformative implications for the supply chain dynamics of personalized and handmade items. The envisaged financial backing is anticipated to catalyze improvements in product quality, scale, and market reach, seamlessly integrating our offerings into the broader MSME value chain. This aligns cohesively with our commitment to fostering the growth and sustainability of local enterprises.
Q: How does the budget account for seasonality and special occasions, given the nature of the gifting business?
Seasonality and special occasions are driven by robust consumption trends and stronger supply chain ecosystems. In this budget, providing consumers with more spending power and better financing support to the MSMEs driving the bulk of the gifting supply chain could drive stronger growth prospects for the gifting industry.
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