Union Budget Expectations 2023: Lower GST, subsidies, lower duty on raw material for the growth of retail sector

Kuldeep Singh, Founder and CEO of San Frissco, Says “To provide a level playing field and prevent Chinese imports into India, we urge the government to reduce the GST slab on footwear to the same level as it was in the previous fiscal year. Concessional imports of raw materials, equipment, and technology are also required if India is to produce goods of the finest quality. The industry anticipates subsidised financing options & interest rate subvention for emerging companies in India in order to compete with overseas brands. We need to rationalise and standardise a lot of government procedures so that there is a lot of ease of doing business for all exporters. Footwear should attract higher RoDTEP. Additionally, we are seeking lower duty on raw material, an interest subsidy, a refund in the highest income tax bracket, social security and a PLI programme from the forthcoming Union Budget.”

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