The Retailers Association of India (RAI) recently urged the government to formulate and implement a national retail policy and let retailers register under micro, small and medium enterprises (MSMEs) to receive benefits, saying the industry needs support after almost being squashed because of crisis induced by the novel coronavirus pandemic.
The $854-billion Indian retail sector was one of the worst impacted due to the pandemic. Its ripple effects were felt by all stakeholders down the consumption value chain. Recovery will need unconventional solutions and government support, RAI said in a statement.The Retailers Association of India (RAI) recently urged the government to formulate and implement a national retail policy and let retailers register under micro, small and medium enterprises (MSMEs) to receive benefits, saying the industry needs support after almost being squashed because of crisis induced by the novel coronavirus pandemic.#
"The retail business is recovering at a quick pace and this momentum needs to be sustained. The next budget must prioritise growth-oriented policies and measures for the same," RAI said.
On expectations from the next budget, RAI chief executive officer Kumar Rajagopalan said the retail industry is slowly getting back on its feet with the opening up of the economy.
RAI said apart from various direct and indirect taxes recommendations, it has suggested the government to consider acceleration of "the formulation and implementation of the National Retail Policy to boost the retail sector and facilitate ease of doing business."
RAI also asked the government to modify or extend the Pradhan Mantri MUDRA Yojana Scheme to include financial support for digitalisation to kiranas and small retailers.
Fibre2Fashion News Desk (DS)
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