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Retail-friendly Union Budget: Walmart India

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Walmart India has said that the Central Government’s proposal to establish the ‘Unified National Agricultural Market’ will help in higher price realisation for farmers, while the the implementation of GST from next year will not only bring relief to the end consumer but also help the retail sector in a big way.

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Commenting on Union Budget presented by Finance Minister Arun Jaitley on February 28, Krish Iyer, President & CEO, Walmart India said, “The Government’s continued focus on ‘Ease of Doing Business’ will help the industry tremendously. I am sure this move will also encourage State Governments to bring in similar provisions and help in driving investment-led growth.”

“The measures outlined in the budget for giving boost to the investment in infrastructure (Rail, Road, Freight Corridors, Energy etc.) will surely benefit the economy and the retail sector in the medium to long term. In addition, moving towards making India a ‘cashless society’ will help facilitate retail trade too,” he added.

The Finance Minister’s proposed roadmap to reduction in Corporate Tax from 30 per cent to 25 per cent over four years while at the same time removing plethora of exemptions, which led to complexity & litigation, is a very welcome step towards simplification and will also be received well by all investors, Iyer noted.

“Deferment of GAAR by two years, commitment to charge any tax only with prospective effect, focus on ease of doing business and general long-term focus as evidenced by the boost to infrastructure investment and expectations of double digit growth will further renew the confidence of global investors in the country,” he said.

“Provision to provide Social Security measures for the middle class and the bottom of the pyramid will help improve consumer confidence and sentiment. Over a period of time, the middle class will be able to live in the present without the worry of the future and this should drive domestic consumption and retail growth,” he added.