Union Budget 2024: Retailers seek focused measures to boost consumption amid challenges
Retailers in the country have urged the government to prioritise growth-oriented measures to stimulate demand and consumption in the upcoming Interim Budget 2024 on February 1. They want the government to outline measures to increase consumption while simultaneously managing inflation.
In their budget expectation, the Retailers Association of India (RAI) said that the budget must prioritise growth-oriented measures to stimulate demand and consumption. The budget should outline supportive policies, simplified regulations, focus on skill development, and simplify goods and services tax (GST) norms to aid in developing the retail industry, they said.
India's Finance Minister, Nirmala Sitharaman, will present the interim budget on February 1. This Budget will serve as a vote-on-account due to the upcoming general elections scheduled for April-May 2024. However, the interim budget may have few announcements as a comprehensive Budget for FY25 is expected to be presented after a new government is formed.
Experts believe that even if the budget does not make any significant announcements, allocations towards schemes like PM Kisan and MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) can boost consumption. The sector also expects some reforms in the form of tax slabs that would increase consumer sentiment and boost the retail industry.
