Union Budget 2023-24: Pre-Budget Expectation

“With the economy recovering post the Covid-19 pandemic there has been a significant shift in the way Micro Small and Medium Enterprises (MSMEs) buy, sell and operate. While a lot has been written about the B2C e-commerce boom in India, it is B2B e-commerce that is silently turning the wheels of the economy by facilitating critical everyday commerce between businesses. GMV of B2B marketplaces is expected to grow 5 times its current size to reach $55 billion by 2027. The last Union Budget gave a major push to the sector by giving Data Centres and Energy Storage Systems, infrastructure status. In 2023, I expect both the government as well as private players including start-ups to accelerate their efforts toward building the right enabling infrastructure for the long-term growth of B2B e-commerce in the country.”

Vinaya Varma, MD, mjunction services limited.


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