Manas Mehrotra, Founder, 315Work Avenue on the union budget

The Union budget 2O22 seems expansionary in nature that promises economic growth and entails strengthening of infrastructure. It has predominantly focussed on revitalizing the rural economy which is a good move and this will act as a boost to the economy and increase demand in tier-2 and tier-3 cities as well. Extending tax incentive scheme by one more year to start-ups is a welcome move, and it is likely to further encourage innovations and growth that the startup ecosystem is delivering.

As most of our clientele fall under this scheme, they can plan their cash flow well with this tax exemption benefit.  However, the budget did not have any specific measures for the co-working sector to enable its higher growth be it lower TDS, special tax incentive, etc to enable us to provide the real estate solutions at even economical rates. The post lockdown scenario is bringing in a wave of new opportunities for the co-working players as companies seek out alternative options to reduce costs and capital expenditure.

Amidst this new normal, the flexible co-working industry has become more relevant than ever for companies to suit their organizational requirements. As per a recent report, the market size of co working spaces is expected to double over the next five years at a compound annual growth rate (CAGR) of 15 per cent. Overall the co working sector, which is now the new mantra for companies, was further expecting improvement in the ease of doing business. Going forward, we hope that the government looks at addressing regulatory concerns and encourage more co working firms to open up through a series of both financial and non-financial incentives.