National Retail Policy Needs A Strong Consideration In Union Budget.
This year’s budget must focus on policy alignment for the retail sector which is reeling due to the pandemic. The long-standing demand of the National Retail Trade Policy needs to be addressed in order to provide a framework and structural financial support to the sector. Inclusion of retail under the Micro, Small and Medium Enterprises will open access to bank loans under priority sector schemes.
The government may also come up with a clear e-commerce policy to ensure regulation, data protection and anti-competitive practises in the sector.
Above all, impetus must be given to boosting spending by putting more disposable income in the hands of the public as it will help retail and other sectors in overcoming the pandemic brunt.
Lastly, if there is a time to turn the economy around with infrastructure spending, it is now.
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