RAI welcomes Indian govt stimulus to boost demand

14 Oct '20

1 min read

Pic: Shutterstock

Welcoming the government's leave travel concession (LTC) cash voucher scheme and ₹10,000 festival advance to government employees to stimulate consumer demand during the festival season, the Retailers Association of India (RAI) recently said the move will help retailers recover from the immense loss of business caused due to the COVID-19 pandemic.

RAI also hoped that the same LTC cash voucher scheme will be introduced for private sector employees as well.

"The Indian retail industry has pinned their hopes on festive shopping to recover from the immense loss of business caused due to the pandemic. The retail fraternity welcomes the announcement by the Union Finance Minister on the schemes for government employees as a stimulus to boost demand in the economy," RAI chief executive officer Kumar Rajagopalan said in a statement.

He said the LTC cash voucher scheme will encourage spending on categories that attract a goods and services tax (GST) of 12 per cent or more, such as apparels, computers, consumer durables, smartphones, home appliances, furniture and home furnishings, beauty and personal care.

Fibre2Fashion News Desk (DS)

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