Deloitte India’s ‘Pre-Budget Expectations 2022’ Provide Perspectives on Various Sectors

Mumbai, India – Deloitte India has released the final edition of its ‘Pre-Budget Expectations 2022’ booklet, which contains Deloitte expert’s perspectives on various sectors. The booklet goes into detail about what Budget India 2022-23 should include for the country’s businesses, as well as a brief budget expectation of the Consumer Industry analysis.

During the pandemic, there was a significant increase in e-commerce activity as consumers shopped, studied, and worked from home and chose contactless delivery. The retail sector’s future will be defined by an omni-channel approach in which online and offline channels will not only compete but also complement one another.

The following sectors are vividly covered in the booklet: Economy; Direct Taxation; Indirect Taxation; Mergers and Acquisitions Tax; Infrastructure Financing; Education; Technology, Media & Telecommunications; Consumer Industry; Financial Services; Life Sciences & Health Care; and Global Capability Centres. Dr Rumki Majumdar, Rohinton Sidhwa, Mahesh Jaising, Amrish Shah, Arindam Guha, Kamlesh Vyas, PN Sudarshan, Porus Doctor, Sanjoy Datta, Charu Sehgal, and Gaurav Gupta are the subject matter experts for the respective sectors at the company.

Outlined the top three asks:

Expectation 1- Ease of doing business to accelerate multi-channel or hybrid capabilities: It is critical for the government to make budgetary allocations and implement policies to support retail growth in India, including a common regulatory framework for retail across the entire country, in order to grow hybrid capabilities. It should also advocate for the creation of a single-window clearance portal for all approvals, clearances, and retail licenses, as well as a reduction in the number of licenses that retailers must apply for in order to create a ‘one-stop-shop’.
Expectation 2 - Government can create policies to support technology development: The government has made technology a top priority. The government can further support this by accelerating digital infrastructure, developing policies to provide a secure environment for transactions, and ensuring consumer data protection, thereby creating a favorable environment for technology adoption in retail, particularly general trade/kiranas.
Expectation 3 - Building infrastructure to optimize retail supply chain: Retailers will move toward providing customers with real-time visibility of product availability via item level tagging, computer vision, and the ability to return online purchases in-store. Virtual try-ons for clothing may lower the cost of reverse logistics. Retailers are moving toward a frictionless supply chain in order to ensure safety and speed of execution, and India is one of the nation’s leading the way in developing technology-led efficiencies. As more retailers develop their supply chain capabilities, it is critical that the industry supports the commercial deployment of digital supply chain networks. The government has announced plans to build multimodal logistics parks, which would improve logistics efficiency, help retailers reduce operating costs, and provide consumers with more options. Through improved connectivity mechanisms, this will open up new cost and revenue opportunities.

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