Budget 2024: ONDC and more on e-commerce’s cart for Nirmala Sitharaman

Budget 2024: As Finance Minister presents Union Budget on July 23 that will set the roadmap for the next five years of Prime Minister’s third term, the e-commcerce sector hopes for a push towards Open Network for Digital Commerce (ONDC) and amendment of overall policy.

Read More: Budget 2024 date: Finance Minister Nirmala Sitharaman to present Union Budget in Lok Sabha on July 23

“My expectation from the Government of India is to promote ONDC further because ONDC is in a way becoming an e-commerce platform for the small traders of our country, so we should talk about the creation and amendment of the overall e-commerce policy and about the enhancement of platforms like ONDC which have been created by the Government of India…” said Vijay Shekhar Sharma, Founder of Paytm.

The demand for platform was echoed by the MSMEs as well. Earlier, the micro, small and medium enterprises ministry has proposed the Trade Enablement & Marketing (TEAM) scheme, with an outlay of Rs 277 crore, to expand MSEs’ business beyond the bricks-and-mortar model through ONDC, India’s mega network, which seeks to enable buyers and sellers to transact through a single platform, reported ET in June.
Read More: Budget 2024: Top three moves that NDA govt must consider for employment generationThe platform, which was set up with an aim to democratise the country’s ecommerce ecosystem, is on course to touch the 10-million transaction mark in June, a senior official said on Thursday. The open network has been adding one million transactions on a month-on-month basis, he said.”We will touch 10 million transactions in the month of June. We are growing strong, adding about one million transactions month-on-month,” ONDC CBO and president (Network Expansion) Shireesh Joshi said.Budget 2024: Modi 3.0 first policy announcement:
Parliament’s Budget Session will be held between July 22 and August 12, Parliamentary Affairs Minister Kiren Rijiju said on Saturday. Union Finance Minister Nirmala Sitharaman will present the budget on July 23.

Rijiju said, “Hon’ble President of India, on the recommendation of Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July, 2024 to 12 August, 2024 (Subject to exigencies of Parliamentary Business).”

This will be the first budget presented by the government led by Prime Minister Narendra Modi in its third term amid high anticipation following President Droupadi Murmu’s assertion that it will be marked by many historic steps.

In her address to a joint sitting of Parliament, she had said major social and economic decisions will be a highlight of the budget.

An interim budget was presented in February due to the Lok Sabha polls, which were held in April-June.

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