Statement from Retailers Association of India on Finance Minister's Stimulus Package

News Desk, News Nation 360:  Kumar Rajagopalan, CEO, Retailers Association of India on the stimulus package announced by the Finance Minister stated that The Retailers Association of India (RAI) congratulates the Govt. for the slew of measures it announced under Atmanirbhar Bharat for the boost it will provide to the economy, especially the MSME sector. There are some measures that retailers can definitely benefit from such as the reduction in TDS rates for payments—this is a welcome sign as it helps keep liquidity back with businesses. The other is the 2% reduction each in the EPF contribution of both, the employer and employee, which again gives cashback in the hands of people who need it in the immediate term. Other measures that will play a big role in accelerating the revival of MSMEs include the statutory relaxation, collateral-free loan support, debt relief and equity infusion. They also welcome the revised definition of MSMEs as it is more inclusive and encourages MSMEs to grow with confidence while continuing to enjoy MSME benefits. Their belief is that a multitude of small brands as well as suppliers to retail will be able to derive big benefits from the measures announced. However, as on date, retail is not covered under the MSME sector and they have spoken to the MSME Minister Hon. Shri Nitin Gadkari to enable the same so millions of MSME retail enterprises too can reap the benefits. They will wait for it to happen. At last, they look forward to more reforms from the Government over the next few days so that retailers in India have some working capital in their hands and they are able to retain employment. With the right support, retail in India can help reboot the economy, and provide jobs to more Indians.

Pic : Courtesy

Report : Anustup Kundu

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