Budget 2023-24: RAI demands retail traders to be provided same benefits as MSMEs

New Delhi, Jan 5 (KNN) In its union budget recommendation for 2023-24, the Retailers Association of India (RAI) has urged the government to extend all the MSME benefits to retail traders as well and stressed on enablement of MSME retailers.

Reflecting on the ‘Vasudhaiva Kutumbakam’ principle under India’s G20 presidency, the retail industry is poised to shift from ‘Make in India’, to ‘Make for World’, said the association.

It has suggested that the budget must prioritize growth-oriented measures to stimulate demand and consumption and expedite National Retail Policy to enable ease of doing business.

To create modern infrastructure in the retail sector, RAI has recommended reintroducing “EPCG for Retail Sector”.

“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,” said RAI.

Retailers of the opinion that consumption is equivalent to development, hence tax benefits and relief to individual taxpayers will increase the monthly disposable income and support consumption.

It has also called for various subsidies and benefits on land rates and other necessities such as electricity to the F&B retail sector.  (KNN Bureau)