Ziraat Times News Desk
Srinagar: President CAIT Kashmir, Farhan Kitab, said that the revival of the retail sector must be a key priority in the forthcoming Government Budget, as retail remains one of the strongest pillars of revenue generation and employment in the country.
He stated that the retail and trading community, particularly MSMEs, has been under sustained pressure due to high compliance burdens, limited access to affordable credit, and rising operational costs. Addressing these challenges through focused budgetary interventions will significantly strengthen the domestic economy.
He emphasized the need for simplification and rationalization of the GST structure, including lowering GST slabs on essential goods and ensuring a faster, transparent Input Tax Credit (ITC) mechanism to improve liquidity and cash flow for traders. He further called for meaningful tax relief for retailers and MSMEs.
On finance, Farhan Kitab said that access to affordable credit remains a major concern for retailers and urged the government to introduce lower interest rate financing, possibly through a dedicated SIDBI-backed fund, along with stronger credit guarantee schemes for small businesses.
Highlighting infrastructure concerns, he said that further strengthening of the National Logistics Policy is essential to reduce logistics costs, especially for Tier-2 and Tier-3 cities and regions like Jammu & Kashmir.
He also stressed the urgent need for the early implementation of a National Retail Policy to address long-standing structural gaps and called for concrete measures to boost consumer spending and sentiment.
“The revival of the retail sector is critical, as it generates substantial government revenue and provides large-scale employment, making it indispensable for inclusive and sustainable economic growth,” Farhan Kitab added.
