RAI says there is need for Emergency Credit Line Guarantee Scheme for biz establishments
Similarly, many clauses around carry forward and refund of GST needs clarification, Rajagopalan said, adding that directional support to the creation of a nation-level policy for retail and internal trade will help.Asking for more money in the hands of the poor and the salaried, RAI said the two years of the coronavirus pandemic have impacted many in the poorer section of the population.Many were without jobs thanks to reverse migration and lockdowns.
Retailer's body RAI on Tuesday said there is a need for the Emergency Credit Line Guarantee Scheme (ECLGS) for business establishments of the sector, which have been impacted by COVID-19-related restrictions.
In its Budget wish list, the Retailers Association of India (RAI) also said more money needs to be put in the hands of the poor and the salaried as two years of the pandemic have impacted many in the poorer section of the population.
''ECLGS for finance in retail needs to be announced as most of the lockdowns impact high contact sectors like restaurants, shops, salons, etc,'' RAI Chief Executive Officer Kumar Rajagopalan said in a statement.
While the retail sector recently got included in priority lending guidelines under MSME, he said, ''It is important for the sector to get all support that MSME (micro, small and medium enterprises) policies accord as more than 90 percent of retail can be classified and MSME.'' Calling for support to retail with policy around digitization, Rajagopalan said retailers need to get themselves digitized faster and need to get e-commerce ready.
''Financial support for digitization can help better boost the sector. Also, a directional focus to enable retailers through the Open Network for Digital Commerce (ONDC) will give a big boost to the sector,'' he added.
Seeking a better direction for the implementation of goods and services tax (GST), RAI said any increase in GST on clothing, food, and housing creates a direct impact on consumption.
''A direction for a more predictable GST regime will be welcome. Similarly, many clauses around carrying forward and refund of GST need clarification,'' Rajagopalan said, adding that directional support to the creation of a nation-level policy for retail and internal trade will help.
Asking for more money in the hands of the poor and the salaried, RAI said the two years of the coronavirus pandemic have impacted many in the poorer section of the population.
''Many were without jobs thanks to reverse migration and lockdowns. Any scheme that helps increase the spending power of the poor will be welcome,'' Rajagopalan said.
Similarly, the salaried class of the population also needs to get more money in their hands to help them consume with confidence.
''Rising inflation is a worry, and this can be faced better only with more money in the hands of the consuming class,'' he said.
RAI also called for better infrastructure spending as all transport infrastructure work helps create new jobs as well help create better logistical connectivity for movement of goods and people, while any expenditure on new sources of energy helps retail access electricity at better prices.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)