Govt's liquidity boosting steps to safeguard businesses, jobs: Retailers

Retailers on Wednesday said measures announced by Finance Minister Nirmala Sitharaman will bring back liquidity with businesses and provide a boost to the economy.

For retailers steps such as reduction in TDS rates for payments will help in keeping liquidity back with businesses, the Retailers Association of India (RAI) said in a statement.

It, however, said as retail is not covered under MSME, the sector will not benefit from theseveral measures announced to help such units.

"There are some measures that retailers can definitely benefit from such as the reduction in TDS rates for payments this is a welcome sign as it helps keep liquidity back with businesses," RAI CEO Kumar Rajagopalan said in a statement.

He further said, "The other is the 2 per cent reduction each in the EPF contribution of both, the employer and employee, which again gives cash back in the hands of people who need it in the immediate term."