Budget 2014: Will retail sector achieve industry status?

  One of the biggest sectors in the market, Retail Industry is likely to reach Rs 47 trillion by 2017. It is high time indeed that the fifth largest market in the world, the retail sector

One of the biggest sectors in the market, Retail Industry is likely to reach Rs 47 trillion by 2017. It is high time indeed that the fifth largest market in the world, the retail sector is waiting to be accorded an industry status, officially. Ahead of the Budget, the retailers are filled with a hope that the Modi government may bring the good news with its forthcoming budget.

Top notch retailers have been gearing up to get the industry  a definite recognition. Special presentations are being made to convince the government that this sector flourishes even better under more profitable industry norms.

Considering the contribution it makes in the GDP of the country, retail sector will get financial sops from the government. It will also help employees.It’s a constant observation that due to lack of industry status, retail sector faces a range of challenges in procuring organised  fiscal incentives.

Retailers are also expecting clarity on implementation time for the Goods and Service tax(GST) in the Budget slated to be presented on July 10. At present, retailers set up their distribution channel based on various policies. With GST implementation, retailers will look at distribution channel from a favourable distribution point.