Dhananjay Datar: Masala King Dhananjay Datar, CMD of Adil Group of Super Stores in the UAE, emphasizes the vast potential of the Indian retail sector to uplift the economy. He suggests that the sector’s limited players face challenges in international competitiveness due to high taxes.
Dhananjay Datar Comment
Datar proposes a solution involving tax relief for businesses and individuals, aligning with policies to attract NRIs and international businesses for Foreign Direct Investment (FDI).
Post-COVID, the retail sector confronts both opportunities and challenges. Essential commodity prices surged, yet the common man’s income remained stagnant, impacting consumption.
Datar advocates for tax reductions for individuals, enabling increased purchases from disposable income, ultimately boosting consumption.
High taxes burden retailers, hindering their international competitiveness. Datar hopes the upcoming budget addresses these concerns, offering relief to retailers and fostering a competitive environment.
Datar notes India’s vast population, creating a substantial global market. However, despite the sector’s massive volume, it has few players. Datar observes that Indian businesses succeeding abroad often fail to generate employment domestically.
Incentivizing NRIs and international businesses through tax concessions and promoting FDI could result in job creation and improved wages. A growing number of players could also reduce commodity prices through increased competition, benefiting the public.
In summary, Datar calls for tax relief, FDI encouragement, and policies supporting NRIs to unlock the Indian retail sector’s potential, fostering economic growth, job creation, and improved living standards.
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