those measures have positively impacted the corporate sector,

the Government needs to undertake substantial steps to address the current economic slowdown and continue on its path towards becoming a USD 5 trillion economy in the next five years.

producers and consumers will be able to plan their spending for the next couple of years. While the

reduction in corporate tax rates last year was a welcome move, we believe that the personal income tax cuts may help stimulate demand, and further reduction of indirect taxes will have more significant benefits. Reducing GST rates would help in boosting demand, as the benefits of GST rate reduction would be passed on to the end consumers. Furthermore, rationalizing GST on healthcare supplements to 5%from 18% will be a welcome move considering a holistic smart healthcare system combined with nutraceuticals and health supplements provide significant economic value.Further, we hope to see continued efforts to boost the growth of MSMEs, which remain the second largest employment generator and are truly the growth engine of the Indian economy. With an endeavor to encourage micro-entrepreneurs, we urge the Government to bring Direct Selling (DS) services under the Reverse Charge Mechanism. This move will significantly reduce the burden of GST compliances from the small businesses (run by direct sellers), bolstering productivity, and fueling the growth of the Direct Selling industry.The central government’s move to include the Direct Selling industry and its activities under the Consumer Protection Act 2019 was indeed a positive step towards the growth of the Direct Selling industry. It is encouraging to witness the government’s focus on the Direct Selling industry to safeguard the interest of both the direct sellers and consumers.Overall, we believe the Union Budget should look at driving economic growth through increased spending in infrastructure, stimulating consumption while also focusing on employment and skill development along with MSME growth and farmer productivity improvement. With focused interventions in these areas, we hope Union Budget 2020 will provide the much-needed impetus to direct the economy on a sustained growth trajectory and achieve inclusive economic development.