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Retailer's body seeks lower interest rate, national retail policy
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Retailer's body seeks lower interest rate, national retail policy

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In its pre-budget memorandum, RAI said the Union Budget for FY25-26 should focus on generating demand and spurring consumption by lowering taxes
The Retailers Association of India (RAI) has put forward several pre-budget recommendations for 2024 aimed at fostering growth in the retail sector. Key proposals include reducing the GST rate on various retail products, particularly in the apparel and footwear categories, to boost consumer spending. RAI also suggested the introduction of a Retail Development Fund to support small retailers, along with tax incentives for retailers investing in technology and sustainability. Additionally, they recommended simplifying the regulatory environment, easing compliance burdens, and providing financial support through easier access to credit for small and medium-sized enterprises (SMEs) in retail. The association emphasized the need for infrastructure development to enhance logistics and supply chain efficiency, and proposed measures to encourage the growth of e-commerce by addressing issues like data localization and digital payment systems. Lastly, RAI called for skill development programs to equip the workforce with necessary skills for modern retail operations.

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