In addition to this, Retailers Association of India has asked for supportive policies, simplified regulations, skill development, and simple goods and services tax (GST) norms in its recommendations to the Central Government for the Union Budget 2023
Bengaluru: The Food & Beverage retail sector needs to be considered a priority and an essential service, industry apex body Retailers Association of India (RAI) has said in its recommendations to the Central Government for the upcoming Budget 2023-2024. Various subsidies and benefits should be given on land rates and other necessities such as electricity to F&B retailers, it further said in a statement about its suggestions to the government.
As the apex body of retailers in India, Every year, RAI presents a set of recommendations for the Union Budget based on the needs of the industry. In its suggestions for 2023-2024, RAI has emphasized that the budget must prioritize growth-oriented measures to stimulate demand and consumption. “The budget should outline supportive policies, simplified regulations, skill development, and simple goods and services tax (GST) norms to aid in the development of the retail industry,” it said in its statement.
The other recommendations by the apex body are as follows:
- A special focus on the retail sector is important for the long-term revival of the economy. Following the ‘Vasudhaiva Kutumbakam’ principle under India’s G20 presidency, the retail industry is poised to shift from ‘Make in India’, to ‘Make for World’.
- Tax benefits and relief to individual taxpayers to increase the monthly disposable income and support consumption.
- The F&B retail sector needs to be considered a priority and an essential service. Various subsidies and benefits should be given on land rates and other necessities such as electricity.
- Expedition of the National Retail Policy to enable ease of doing business.
- Enablement of MSME retailers.
- Extension all the MSME benefits to retail traders as well.
- Promotion of Digital transactions by giving waiver of MDR/subsidized MDR on use of the debit card.
- Provision of 150 percent depreciation on new investment in capital goods and permitting depreciation charges over an accelerated time frame.
- Reintroduction of “EPCG for Retail Sector”, to create modern infrastructure in the retail sector. Concessional duty benefits under the EPCG scheme to be extended for import or capital goods required by retailers.
Retail in India continues to be one of the largest industries in the country contributing to over 10% of the GDP and providing employment to about 50 million Indians. The above recommendations, if accepted, will give a huge boost for retail in India.
