Representational Image: The Body Shop India remains hopeful for policies that will uplift the retail sector, especially fostering Youth employment, sustainable practices and inclusivity in hiring.
Credit: File Photo
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
The retail sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.
“As we look ahead to the Union Budget 2025-26, The Body Shop India remains hopeful for policies that will uplift the retail sector especially fostering Youth employment, sustainable practices and inclusivity in hiring. Private consumption is the cornerstone of retail growth and we look forward for government policies to open up the purse strings of consumers through higher tax exemptions slabs and reducing GST on essential personal care products could provide much-needed relief to the middle class. This would not only boost disposable incomes but also help consumers uplift their ability to purchase high-quality, ethical products that align with consumers’ growing preference for quality & sustainable choices.
We also urge the government to prioritise incentives for green initiatives, such as incentives to retailers for adopting sustainable packaging and energy-efficient retail operations. Furthermore, expediting the implementation of a National Retail Policy is critical. Simplifying compliance processes, improving logistics in Tier 2 and Tier 3 cities, driving ease of business & providing targeted incentives for small retailers can create a more level playing field.
Investments in Retail skill development programs, especially in adopting digital marketing and technology are also essential to building a future-ready retail sector, capable of meeting evolving consumer expectations.
A progressive budget that addresses these priorities can stimulate private consumption, strengthen retail, and create a resilient ecosystem that balances economic growth with environmental and social responsibility," said Shriti Malhotra, group CEO, Quest Retail.
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.