Budget 2023 Expectations: The Indian retail market is expected to grow to USD 1.4 trillion by 2030, up from USD 0.80 trillion in 2020, due to factors such as urbanization and income growth. The retail sector has experienced one of its most challenging periods due to the pandemic crisis in 2020-21. This has shown that the sector is in need of a catalyst to revive.

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Lokendra Singh Ranawat, CEO, WoodenStreet said the Union Budget 2023-24 may help the retail sector in a big way.

“With the budget approaching for fiscal 2023-24, we expect the government to initiate a lower GST for consumer durables & reducing compliance costs that will go a long way both for the industry and the consumers. In addition to that, the retail sector also anticipates the implementation of a National Retail Policy which will include facilitating modernization and digitisation by promoting modern technology and fast infrastructural support," Lokendra said.

With the right government support, the retail industry and private sector players are willing to invest more in building efficient; strong supply chain infrastructure and technology innovation, he added.

According to Deepak Jain, founder, The Fragrance People, the government will indeed prioritise long-term development strategies such as job creation, infrastructure development, and increased rural progress.

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Vast numbers of retailers could benefit from the impending Union Budget 2023, since this central government intends to unveil simplified regulations and convenient availability of credit for the industry.

The authority is most likely to help millions of independent retailers across the nation by declaring low-cost loans and relaxing some industry guidelines, said Ridhima Kansal, Director, Rosemoore. This action could assist retailers in stabilising their businesses as India confronts a potential economic recession in FY24, as well as reviving progress in the relatively smaller retail industry, which has been impacted by e-commerce behemoths such as Amazon, Flipkart, and others, she added.

India is a huge market for retail and local online marketplaces. Arpita Katyal, Chief Executive Officer of Roperro said, "We expect Government to provide incentive to home grown manufactures who are competing with global fashion and retail giants."

“More PLI schemes for various industry segments to boost Make in India Increased spending on Infrastructure projects by the government so as to improve the business and personal environment which will also lead to boost to the economy," said Hemant Sapra, President Sales and Marketing, KARAM Group.

Also, read- Budget 2023: What is Finance Bill and how is it different from Money Bill?