Union Budget 2022-23 Retail Sector Wants More Money In Hands Of Salaried Class And Poor To Boost Puchasing Power In Budget 2022

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Budget 2022 Retail Sector Expectations: On February 1, 2022, when Finance Minister Nirmala Sitharaman will present the budget, those sectors will have the most eyes on her budget, then for the last two years, due to the Corona epidemic, they have been battling the crisis. Retail sector is one of those sectors. The retail sector has suffered the most due to the lockdown and restrictions. It is thankful that e-commerce has proved to be the biggest support for the retail sector. But from the coming budget, the retail sector has also submitted a list of its demands to the Finance Minister, so that the most employable sector in the country can be given relief.

Expectations of Retail Sector from Budget 2022
The retail sector wants the Finance Minister to make such an announcement in his budget, which will bring more money in the hands of the poor and middle class. According to Kumar Rajagopalan, CEO of Retail Association of India, for two years, the corona epidemic has affected the poor the most. People lost their jobs due to reverse migration and lockdown. Any such scheme in the budget by which the purchasing power of the poor can be increased will be a welcome step. Similarly, there should be money in the hands of the salaried people to spend so that they can spend it with confidence. Rising inflation is a matter of concern. To deal with this, if more money is left in the hands of the people, then it will reduce their trouble.

increased spending on infrastructure
According to the Retail Association of India, employment opportunities will increase due to the strengthening of transport infrastructure, logistic connectivity will be accessible. Also, due to this the movement of goods and people will be affected. This will save time, due to which the wastage of the supply chain can be reduced. There is also a demand of RAI that expenditure on new sources of energy should be increased and electricity should be made available to the retailers at reasonable cost.

Ease of implementation of GST
The Retail Association of India believes that the increase in GST on clothing, food items and housing will have a direct impact on consumption. Stability in GST policy would be a welcome move. It is necessary to give clarification regarding carry forward and GST refund. Along with this, a demand has also been made by the Retail Association to bring a national level policy regarding retail and internal trade.

MSME Support for Retail
Recently retail sector has been included in priority lending guidelines under MSNE guidelines, it is important for this sector that more than 90% retail can be classified as per MSME policies and MSME gets all support.

ECLGS support to the retail sector
Finance should be made available to the retail sector under the Emergency Credit Line Guarantee Scheme (ECLGS). Because during most of the lockdown high contact areas like restaurants, shops, salons etc. have been affected.

Support to the retail sector for digitization
According to the Retail Association of India, retailers need to digitize themselves fast and make e-commerce ready. Financial support in the budget for digitization can help in promoting this sector in a better way. Also, a directional focus to enable retailers through Open Network for Digital Commerce (ONDC) will provide growth to the retail sector.

Retail sector to be one trillion dollars
Actually the retail sector is related to the daily routine of every Indian. What is the condition of the country’s economy, it is tested through this sector to measure how affluent people are or whether income is decreasing or increasing. There is one store for every 100 people in the country. The retail sector is not only the most employable sector, but it is also a sector in which people ranging from less educated to high degree graduates also work. While India’s economy is moving ahead with the goal of achieving five trillion dollars, the retail sector alone is aiming for one trillion dollars.

Had there not been a lockdown in the country of Corona epidemic, then India’s retail sector would have achieved the target of one trillion dollar business. But now by 2024, it is believed that the Indian retail sector will be $ 1.3 trillion. At present, the trade of this sector is around $ 850 billion. If India achieves the target of $ 5 trillion, then the retail sector alone will have more than 20 percent of it.

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