Virtual Food”. Yes. This is the latest buzzword among millennial consumers who prefer to keep themselves slim and trim. The millennial taste for authenticity, attractiveness, saving, expenditures, is unique and ever-changing.
Budget 2019 has focused on providing the infrastructure that millennials would want. Any investment in infrastructure requires funding and that seems to be a flavour of the budget announced by the finance minister on 5 July.
The aspiration is “expanding the digital reach”. This is proposed to be achieved by increasing digital literacy in the country, against the backdrop of several schemes announced, which is likely to facilitate the bridge between rural and urban population. Being ‘online’ is no longer only the prerogative of the urban. Digital payments are gaining acceptance everywhere and the government’s announcement to promote digital payments is a welcome one. This will encourage everybody to use the ‘millennial way’ of making payments.
One of the challenges that companies serving the millennial population were facing was that of liquidity crunch. The burn out of money is extremely high in such situations. Besides, many online startups have been struggling for investment.
Incentive schemes on the government platform, substantial tax benefits for startups and investments in startups, will certainly lead to a flurry of opportunities through investors, thereby reducing the stress on liquidity crunch.
{{/usCountry}}Incentive schemes on the government platform, substantial tax benefits for startups and investments in startups, will certainly lead to a flurry of opportunities through investors, thereby reducing the stress on liquidity crunch.
{{/usCountry}}For India to become a $5trillion economy by 2024, it is absolutely necessary to use the mechanism of online trading, which consequently necessitates investments. The centre has very clearly indicated its intention to attract investment in this segment.
A very essential element of the online/e-commerce segment is its workforce. Without an efficient, digitally literate and sharp workforce, it is impossible to achieve digital advancement which the government is aspiring for. In the budget, it has laid special focus on new-age skills like artificial intelligence, Internet of Things, Big Data, 3D printing, virtual reality and robotics, valued highly both within and outside the country, and offer much higher remuneration.
A special focus has been made by the government in the budget on education, training and research and development. A New National Education Policy has been proposed by the government to tap students pursuing higher education to be in India, which seeks to amend education in school and on higher education with a special focus on research and innovation.
In addition, the formation of a National Research Foundation will help fund, contribute and promote research in India. It will also work with various ministries to assimilate various grants, while focussing on identifying areas for research and development expenditure to meet its ultimate objective. Launching online courses coupled with programmes on innovation, research and development and technology schemes, creating centres of innovation and word class education institutes backed by a regulatory regime, are all critical part of the announcement.
The intentions of the government are clear—innovate, innovate, and innovate.
Thus, there is complete alignment between the expectations of the millennial consumer and the intentions of the government. It is now left to all of us to ensure effective usage of the benefits arising from the schemes announced by the government.