BUDGET QUOTE - Mr. Tarak Bhattacharya - Executive Director and CEO at Mad Over Donuts

There were no significant direct takeaways from the union budget 2023 related to the F&B or the QSR industry. Still, there are some interesting aspects which will help our business. Government will select 50 destinations, to promote tourism on mission mode. The Finance Minister said that with an integrated and innovative approach, at least 50 destinations will be selected through challenge mode. This will increase the movement of people towards these locations thereby giving a chance to increase travel and hospitality businesses that will help us too. This is positive news for the F&B industry as more tourism indicates higher footfalls. Regional air connectivity will be improved in the country allowing more flights, helicopters, and water aerodromes to operate. This again increases tourism and can benefit the F&B as well as the QSR industry. The government has also reduced the income tax rate and raised the income tax limit to 7 LPA, allowing people more disposal income to spend more on food and leisure. Again a positive sign for the F&B industry.