With only six weeks to his credit, the FM has done a good job by emphasising on the manufacturing, infrastructure, housing and solar energy sectors in a big way, says Harkirat Singh, Managing Director, Woodland. While few initiatives have been proposed, there have been no big bang announcements, he added.
“We welcome the FM’s decision to approve Goods & Services tax (GST) by year end and hope that he truly understands its importance to the retail sector. If adopted, the government could put together a common market by seaming together a host of taxes such as Excise, VAT and Octroi,” states Singh.
He further mentioned that the announcement to cut excise duty to 6 percent from 12 percent on footwear upto MRP of Rs 1,000 pair, is a welcome move for SME’s and will help provide them with a level playing field.
“I also feel that the announcement of Skill India, a programme to train youth for jobs could lead to more skilled workforce, a gap which needs to be urgently addressed for the growth of the retail sector. And lastly, more savings, will lead to more consumer spends, giving a boost to the retail sector,” he concluded.
