Expectations from Union Budget : Abhishek Bansal, Executive Director, Pacific Group

Retail sector in India is emerging as one of the largest sectors in the Indian economy. The total market size was estimated to be around USD 600 billion in 2015, thereby registering a CAGR of 7.45 % since 2000. It is expected to grow to USD 1.3 trillion by 2020.

Mr. AbhisheK Bansal, ED, Pacific Group, which has been a pioneer in developing shopping malls across north India shares his view on the expectations one has from the upcoming budget, "One of the most important factors for the growth of the Indian retail sector is purchasing power of the consumer. Therefore, the 2017 budget provides the Government with a perfect platform to widen the tax slabs of individuals, which would in-turn lead to increased disposable income in the hands of the consumer. Also from an indirect tax stand-point, Goods and Service Tax (‘GST’) is a long awaited reform, as it would play an important role in removing the various artificial trade barriers and would also be a huge boost to trade in the country. It would also help retailers to enjoy the benefits of a simplified indirect tax structure and reduce the cascading effect of taxes."