Swiggy CEO Applauds Budget's Focus on City Economic Regions for Urban Expansion
Swiggy's Managing Director and Group CEO, Sriharsha Majety, has expressed strong support for the recent budget announcement regarding the introduction of City Economic Regions. According to Majety, this strategic move is poised to significantly accelerate the process of urbanization and formalization across India, extending well beyond the traditional metropolitan hubs.
Driving Economic Growth Through Tier-II and Tier-III Centers
Majety emphasized that the expansion of organized economic activities into Tier-II and Tier-III cities will serve as a crucial engine for incremental GDP creation over the medium term. He highlighted that as these smaller urban centers develop, they will contribute substantially to the nation's economic output, fostering a more balanced regional development.
Boosting Travel Demand and Service-Led Employment
The Swiggy CEO also pointed to targeted investments in hospitality skilling, pilgrimage towns, and integrated tourism circuits as key factors expected to elevate travel demand. These initiatives are anticipated to generate service-led employment opportunities on a large scale, providing a significant boost to local economies and workforce participation.
Food Delivery as Essential Urban Infrastructure
As cities expand and become more densely populated, platforms like food delivery and quick commerce are increasingly being recognized as essential urban infrastructure rather than discretionary services. Majety noted that these services play a vital role in supporting urban lifestyles and economic activities, making them integral to the functioning of modern cities.
Demand-Side Stimulus Through Tax Reforms
In addition to the focus on urban development, Majety highlighted that the budget's measures, including GST reforms and income tax cuts, will provide a robust demand-side stimulus. This combination is expected to strengthen consumption across various income segments, further fueling economic growth and stability.
Overall, Sriharsha Majety's insights underscore the transformative potential of the budget's urban-centric policies in driving India's economic evolution, with a clear emphasis on inclusivity and sustainable growth beyond the major metros.
