Raghunandan G, Founder and CEO of TaxiForSure in a press release stated his views on budget 2015-16:
The taxi aggregator industry is still at a nascent stage, however in this short span of time web- based taxi service providers have managed to successfully revolutionize the taxi hailing habit of the nation. It was not an easy feat for organized start-up companies however, we have evolved more thoughtfully yet rapidly. There was meticulous approach to alter customer behavior by providing them a clean AC car, a well groomed knowledgeable driver, non-negotiable yet cost effective fares, and much convenient and safe mode of travel to arrive at their preferred location and time.
The industry has helped in resolving the traffic woes of people by giving them an option of a hassle-free commute. At the same time it has empowered the blue collared segment of the country and has given them exposure to technology, made them conversant and more confident.
From the upcoming budget the sector expects fresh reforms that will act as a strong support on which the growth can steadily build. While the sector has become one of the most funded sectors in the Indian economy in the recent past, it continues to depend heavily on it to sustain growth due to the several outlays in the model. Amongst the most urgent asks is the need to revise the existing service tax structure and lower the service tax burden for the sector. This will benefit the industry significantly and will further strengthen the investment sentiment towards the sector. Given the kind of employment the sector is generating the government should give infrastructure status to the taxi industry and make it a priority sector for lending.
Drivers are the backbone of the industry and over the last few years the industry has showcased how the socio economic status of these drivers have evolved. Today, drivers are keen to invest in buying their own cars and working for the organized taxi aggregator industry. The government can boost this phenomenon by providing easy finance options for drivers as well revising the interest rate on vehicle loans.
Being a new age industry we need regulatory framework that is designed for us. We are cognizant of the fact that we need to follow regulations and policies. However, we can achieve limited success if we are forced to go with any existing regulations, as these weren’t created keeping our services in mind. Hence, we earnestly look forward to the government to design laws in lieu of our business which will help us mark a hassle free growth trajectory.
The Budget 2015 is key to our success story as well. We are confident that with clearer and stronger tax policies as well as customized regulations for the industry, the year 2015 will be a pivotal year for the Indian taxi aggregator industry.
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