Budget expectations: Retail sector

14 Jan 2022 , 02:06 PM

“The pandemic has been extremely straining and challenging for the retail sector. The lockdown and restrictions imposed for brief periods, mandating limitations on retailing hours, movement of people, operational days, entry basis vaccination, etc., have all resulted in retailers and establishment owners incurring heavy losses. While the festive season did boost sales and growth trajectory, statistics did indicate that things were slowly pacing back to recovery. The new variant and the surge of cases have again slowed down business.

The retail sector contributes a huge percentage to India’s GDP, ranging from an average of 8 to 10%. This industry, which is worth billions of dollars and employs millions of people, must receive a much-needed boost from the government to push it back to recovery and elevate the industry.

We are hoping that the government takes the situation under consideration and allocates resources to plan for the revival of the retail sector in the upcoming Union Budget. The allocated resources could essentially help a lot of small retailers who have been the worst affected, as well as others in the industry. “

The author of this article is Mr. Mukesh Kumar, CEO, Infiniti Malls

The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com