Boosting India's Retail Sector: RAI Advocates for Lower Taxes and Finance Benefits Ahead of Union Budget

The Retailers Association of India (RAI) has urged for lower taxes, low-cost finance, and subsidies in the upcoming Union Budget FY25 to spur consumption and growth in the retail sector. RAI emphasizes the sector's contribution to the GDP and employment, advocating for supportive policies for sustained growth.

The Retailers Association of India (RAI) has made a compelling call for the Union Budget FY25 to focus on key measures such as lower taxes for individuals, low-cost finance, and subsidies to drive demand and boost consumption. The association highlighted the significant role retail plays in India's economy, accounting for about 10% of the GDP and being a major employment provider.

RAI stressed that tax benefits aimed at increasing disposable income would translate into higher consumption, essential for overall development. They further requested the budget to outline policies for simplified regulations and skill development, as well as easy goods and services tax (GST) norms to aid retail growth.

The industry body also advocated for lower interest rates for retail businesses, subsidies on land and electricity, and recommended treating the food and beverages retail sector as essential services. Furthermore, RAI called for the expedited implementation of the 'National Retail Policy' and the adoption of 'The Model Shops and Establishment (Regulation of Employment and Condition of Services) Act 2016' across states to enable 24X7 operations.

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