A boost to consumption and expediting National Retail Trade Policy is on the Budget 2023 wishlist of Samir Kumaar Modi, managing director of Modi Enterprises
As per reports, the Indian retail industry contributes to around 10% of India’s GDP with a market size pegged at approximately $1.2 trillion. Factors like ongoing technological and digital updates, new mediums of digital payments and the development of logistical support have been steady growth drivers for the Indian retail sector.
“To ensure the growth of the sector, the Union Budget for FY 23–24 should focus on generating demand and spurring consumption by offering benefits or concessions in the form of lower taxes for the retail industry and FMCG sectors to boost the overall consumer sentiment,” said Samir Kumaar Modi, managing director of Modi Enterprises, one of the country’s oldest D2C companies.
“The government must also look at expediting the timelines for the amendments to the National Retail Trade Policy (NRTP) aimed at modernising and digitising retail trade to improve the ease of doing business, especially for small retailers,” he said sharing the other item on his Budget 2023 expectations list.
According to Modi, the retail industry is exhibiting a healthy recovery and these measures coupled with increased consumer spending can certainly aid the industry to sustain its growth momentum in the years to come and at the same time fulfil our Prime Minister, Shri Narendra Modi’s dream of Aatmanirbhar Bharat.
