'Government should grant industry status to retail sector in Union Budget'

ANI | Updated: Jan 30, 2018 18:18 IST

New Delhi [India], January 30 (ANI-Newsvoir): Talking about his expectations from the Union Budget 2018 successful serial entrepreneur and Managing Director, Wonderchef Home Appliances, Ravi Saxena said this budget should be the game changer for the retail sector and we expect Finance Minister to grant much needed industry status to the sector.

The retail sector is a significant contributor to the economy which has the potential to generate twice as many jobs as compared to what it does currently.

But it should get impetus from the government to create an ecosystem backed by favorable regulations and strong domestic R&D.

With the current government's continuous endeavor to correct the financial structure of the country, it is the best time to grant industry status to the retail sector as this will provide the sector with easier access to the finance and attract more investments.

We expect Finance Minister to consider simplification of Goods and Services Tax (GST) procedures along with lowering of taxes and announcement of initiatives that can stimulate domestic manufacturing.

Consumer appliances like mixer grinders and juicers are no longer considered luxury. Such consumer appliances need to be made more affordable to the consumers and be put in a lower tax bracket from 28 percent to 18 percent.

Ravi Saxena is an entrepreneurial CEO and a builder of businesses. Ravi is an alumnus of IIM-Ahmedabad, India's finest management institute, and one of the best in the world. He accomplished his Electronics Engineering Degree from the prestigious Delhi Institute of Technology. He has had 15 years of his 20 years of experience as CEO and MD of major multinational organizations in India. He has a track record of launching new concepts and taking them to success.

Having built 11 distinct businesses from scratch, in services sector, he has a solid grip on launching businesses, growing them and creating shareholder value. He has extensive global exposure and has participated in projects and workshops in over 35 countries across five continents. Ravi's passion is sales, marketing, projects and business strategy supplemented by strong financial skills and clear HR perspective.

Currently Ravi runs his own business in Retail and Management Education.

He is the Indian partner of the prestigious Italian University, Bocconi and has recently launched a top-end business school in Mumbai.

He along with celebrity chef Sanjeev Kapoor launched Wonderchef in the year 2009. (ANI-Newsvoir)

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