Budget wish list 2022: IKEA appels for rollout of 'National Retail Policy'

15 January 2022, Mumbai:

In its Budget wishlist, IKEA India also called for reduction of GST rates "on products that are basic to life at home” and the lowering of customs duties on good quality furniture and home products.

Swedish furniture and home furnishing retailer IKEA on Friday said it is looking forward to the rollout of India’s national retail policy, bringing offline and online retail into a single policy framework and reducing the compliance burden.

In its Budget wishlist, IKEA India also called for the reduction of GST rates "on products that are basic to life at home” and the lowering of customs duties on good quality furniture and home products.

"The economic impact of the pandemic on the income of people in India must not be underestimated. To stimulate demand, it is important that money is increased in the hands of people and products remain affordable,” IKEA India CFO Preet Dhupar said in a statement.

As a result of the pandemic, she said, "We also see life at home take an increasing significance as hybrid work models will continue to emerge in the future.”

Stating that the retail sector has played an important role in the lives of citizens during the pandemic, she said, "We look forward to the roll-out of the National Retail policy, bring offline and online retail into a single policy framework, reduce the compliance and regulatory burden, give industry status to retail along with financial incentives to large scale projects.”

MONEY CONTROL