Mumbai (Maharashtra) [India], January 31: “The Indian retail sector has an enormous potential to boost and empower the Indian economy, but there are very few players in this sector and those who run their businesses can’t compete in the international market due to the burden of various taxes. A possible solution could be to offer tax relief to them and to the common people and simultaneously chalk out such policies which will encourage the NRIs and international businesses to bring FDI in this sector,†said Masala King Dhananjay Datar, CMD, Adil Group of Super Stores, UAE, while expressing his expectations from the upcoming Union Budget.Â
He said, “There are opportunities as well as challenges before the Indian retail sector today. Post the COVID pandemic, prices of essential commodities, products and services witnessed a considerable increase, but at the same time, income of the common man or salaried class did not increase to match the challenging situation. People are curtailing the consumption and expenditure of daily essential commodities, which is reflected in reducing the volume of business in retail sector. Should the government lower the taxes and give relief to individual taxpayers, they would be able to purchase more from their monthly disposable income, which will help to increase the consumption. Also, retailers burdened under higher taxes and facing stiff competition in international markets are looking towards the upcoming budget with hope.â€Â
He further said, “India has a large population which created a huge market in the world. But even if the volume of business in the Indian retail sector is massive, there are very few players here. Many Indians successfully run their business abroad, but seldom generate employment in India. The wages and salaries of workers in the domestic market are inadequate and disappointing as compared to markets abroad. If the government attracts NRIs and International businesses by giving tax concessions and/ or encourages FDI in the retail sector, the result will be generation of more jobs and direct as well as indirect employment. Workers will get handsome salaries. Moreover, when the number of players increase in the sector, the competition will reduce the prices of commodities and products, thus benefiting the public at large.â€
“The Indian retail sector has a huge potential to grow and the coming era is promising for India. A decade ago, India was a buyer’s market, but today it has transformed into a seller’s market. Many countries in the world are desperately eyeing India for a supply of foodgrains and other agricultural commodities. The demand for Indian products and services is rising. Let me give an example of my company. We are in retail sector and operating in GCC region. Last year, we have earned a commendable 25 percent business growth as a result of increased demands for Indian groceries and food stuff. If we develop a comprehensive ecosystem for retail sector in India, it will surely prove to be a catalyst for Indian economy to transform into a Superpower, much ahead of the targeted period,†concluded Dr. Datar.
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