Ease of doing business for MSMEs: The latest round of the retail business survey by industry body Retailers Association of India (RAI) on Thursday said sales in the April 2022 – March 2023 period registered growth of 34 per cent as compared to the sales levels during April 2021 – March 2022.
The growth was recorded across regions during the financial year with the Eastern part of the country signalling growth of 42 per cent while West India indicated a growth of 36 per cent. North and South India reported growth of 32 per cent and 27 per cent respectively compared to FY22 sales levels.
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“Retail businesses across the country are looking good as the survey shows growth in sales over April 2021 – March 2022 sales levels. The survey indicates a spike in sports goods and QSR (quick service restaurants) sales. We do hope that this will sustain,” said Kumar Rajagopalan, CEO, RAI in a statement on the survey.
Category-wise, the sports goods segment saw the highest growth of 41 per cent followed by 39 per cent growth in QSR segment, 37 per cent in the consumer durables & electronics segment, 35 per cent in the furniture & furnishing, 34 per cent in the footwear market, 32 per cent in the jewellery segment, etc.
In comparison to pre-Covid (FY20) business, QSRs registered the highest growth of 58 per cent in FY23 while sports goods and consumer durables & electronics saw 47 per cent and 46 per cent growth respectively.
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Importantly, retail as well as wholesale trades were added to the MSME definition in July 2021 for priority sector lending benefits from banks.
Meanwhile, the government is also reportedly working on a national retail trade policy focusing on brick-and-mortar retail traders to support them with better infrastructure and credit. According to a PTI report, the Department for Promotion of Industry and Internal Trade (DPIIT) is also working on an e-commerce policy for online retailers, DPITT Joint Secretary Sanjiv had said at an FMCG event in March this year.
“We want that there should be synergy between e-commerce as well as retail traders,” Sanjiv had said.