– By Anupam Bansal
The retail industry is a dynamic and integral part of any economy, influencing and being influenced by various factors, with the annual budget being a pivotal event. As the budget announcement approaches, the footwear industry, a significant player within the broader retail landscape, is eagerly anticipating measures that could shape its future trajectory. This article delves into the expectations of the retail industry, with a specific focus on the footwear sector, as it prepares for the unveiling of fiscal policies.
Customs Duty Revisions:
One of the foremost expectations of the footwear industry lies in customs duty revisions. The industry, with its intricate global supply chains, is sensitive to changes in import duties. Stakeholders are hoping for a transparent and predictable customs duty structure that not only addresses the cost implications but also encourages domestic manufacturing and innovation.
Export Promotion Initiatives:
With a significant portion of the footwear industry contributing to exports, there is a keen interest in export promotion initiatives. Stakeholders are looking for measures that facilitate easier export procedures, financial incentives, and strategies to enhance global competitiveness. A supportive export ecosystem can contribute to the industry’s growth on the international stage.
GST Rationalisation:
Goods and Services Tax (GST) has been a topic of discussion across industries. In the footwear sector, there is a desire for GST rationalisation to simplify the taxation structure. A streamlined and uniform GST regime can reduce compliance burdens, promote ease of doing business, and positively impact the pricing strategies of footwear products.
Investment in Technology and Innovation:
The retail landscape is evolving rapidly with advancements in technology. The footwear industry, too, is embracing digital transformation. Stakeholders expect the budget to allocate resources for technological advancements, such as e-commerce infrastructure, digital marketing, and the integration of smart technologies within the retail space. Investment in innovation can enhance customer experiences and operational efficiency.
Sustainable Practices Incentives:
Sustainability is a growing concern for both consumers and businesses. The footwear industry is increasingly adopting eco-friendly practices. Expectations for the budget include incentives and support for sustainable initiatives, such as the use of eco-friendly materials, energy-efficient manufacturing processes, and waste reduction measures.
As the retail industry eagerly awaits the budget, stakeholders in the footwear sector are optimistic about the potential positive impact of fiscal policies on their operations. Whether it be customs duty revisions, export promotion, GST rationalisation, technological investments, or sustainability incentives, the expectations are reflective of a desire for a supportive and growth-oriented fiscal environment. The forthcoming budget has the potential to shape the future of the footwear industry within the broader canvas of the retail landscape.
(Anupam Bansal is the director of retail at Liberty Shoes.)
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