Embracing technology is crucial for the success of the retail industry. A well-structured budget that aims to enhance business and foster innovation, allocating funds for research and development, along with the integration of cutting-edge technologies such as artificial intelligence and data analysis, will enable businesses to stay attuned to consumer demands. Additionally, collaborative efforts involving government bodies, business leaders, and educational institutions can establish a shared working network that supports the inception of new businesses.Â
Moreover, policymakers should prioritize attention to small retailers in tier 2 and tier 3 cities. These cities have stores with the potential to thrive and compete with more established businesses. The budget should earmark funds for enhancing skills and adopting technology. By investing in education and skills development, the government can uplift local businesses, enabling them not only to withstand market challenges but also to excel in the demanding retail landscape.
I am anticipating that this budget might endorse the implementation of the ‘Open Network for Digital Commerce’ (ONDC) initiative. This initiative can empower MSMEs to access various e-commerce platforms without encountering entry barriers, benefiting from standardized data and processes. The adoption of e-commerce by MSMEs will facilitate their entry into both domestic and international markets, contributing to economic growth. Allocating budgetary resources to enable MSMEs to integrate e-commerce platforms into their business strategies will foster sustainable development. Additionally, ONDC will play a pivotal role in shaping the MSME ecosystem, aiding suppliers in reaching a broader customer base and leveraging diverse logistics for accelerated growth.
