Any program that helps increase the purchasing power of the poor would be welcome. Likewise, the working class of the population also needs to have more money in their hands to help them consume with confidence.
The retail body RAI (Retailers Association of India) on Tuesday said there was a need to set up the Emergency Line of Credit Guarantee Scheme (ECLGS) for business establishments in the sector, which have been affected by the restrictions related to COVID-19.
In a budget wishlist, the retailer’s body added that more money needs to be put in the hands of the poor and wage-earners, as two years of the pandemic have affected many in the poorest part of the population. .
Two years of the Corona pandemic has had an impact on many people in the poorest part of the population. May was jobless thanks to reverse migration and lockdowns. Any program that helps increase the purchasing power of the poor would be welcome. Likewise, the working class of the population also needs to have more money in their hands to help them consume with confidence. Rising inflation is a concern, and it can’t be better tackled than with more money in the hands of the consumer class.
Better infrastructure spending: All transportation infrastructure works help create new jobs and create better logistical connectivity for the movement of goods and people. This results in time savings, reduced supply chain waste and improved labor flow. Similarly, any expenditure on new energy sources allows retailers to access electricity at better prices.
Better direction for GST implementation: Any increase in GST on clothing, food and accommodation creates a direct impact on consumption. A move towards a more predictable GST system would be welcome. Similarly, many clauses regarding the deferral and refund of GST need to be clarified.
National trade policy: Directional support for the creation of a national retail and internal trade policy would be helpful.
MSME Support for Retail: While the retail sector has recently been included in the MSME priority lending guidelines, it is important that the sector gets all the support that MSME policies give, as more than 90% of retail trade can be classified and MSME.
Retail Support with Digitization Policy: Retailers need to digitize faster and need to prepare for e-commerce. Financial support for digitization can help boost the sector better. Additionally, a directional move to enable retailers through an Open Network for Digital Commerce (ONDC) would give the sector a big boost.