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Budget 2020: From national trade policy to easy access to funds; budget wishlist of traders

Budget 2020-21: As the Narendra Modi government is set to present budget 2020, traders expect it to provide them with easy access to finances.

Budget 2020: From national trade policy to easy access to funds; budget wishlist of traders
The new tax regime has lower income tax rates but comes without any income tax exemptions and deductions.

Budget 2020 India: As the Narendra Modi government is set to present budget 2020, traders expect it to provide them with easy access to finances. The government should propose a policy for traders which makes it easier for them to easily access finance and that too at a low-interest rate, Praveen Khandelwal, Secretary, CAIT, told Financial Express Online. The economy is currently undergoing a growth slowdown on account of both domestic and global factors. One of the most pressing concerns is access to credit and flow of credit into the economy through banks, non-banking financial institutions, and other lending institutions. The GDP in the current fiscal is likely to grow at 5 per cent, an almost 2 per cent drop from 6.8 per cent growth posted in FY19, according to the government’s first advance estimates.

National policy for retail trade

The traders also expect the budget to announce a national policy for retail trade in the budget, Praveen Khandelwal also said. Speaking further, Praveen Khandelwal said that the traders expect the budget to propose simplification and rationalisation of the GST tax structure.

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E-commerce

On e-commerce, the traders expect that Nirmala Sitharaman may speak on rules and regulations for the sector. In the recent past, CAIT has accused e-commerce firms like Amazon and Walmart-owned Flipkart of anti-competitive practices like preferential listing, exclusive tie-ups, and private labels.

Import duty

The budget is also expected to propose an increase in duty on the items imported from China and other countries, Praveen Khandelwal added. The government may increase the duty to safeguard the interest of the local business and also increase its revenue, he added. According to a recent report by global agency Reuters, India may increase import duties on more than 50 items including electronics, electrical goods, chemicals, and handicrafts, targeting imports from China and other countries.

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