Budget 2024: NRAI calls for reforms in restaurant industry
₹4.23 trillion annually. Such a dedicated body would streamline the currently fragmented regulatory framework, simplifying compliance and fostering growth, it said.
The NRAI has also put forth a range of other demands. These include "industry status" for the sector to access easier financing and subsidies, the formulation of a balanced e-commerce policy to protect restaurants from unfair competition, and addressing operational challenges like the reduction of GST on commercial rentals and the simplification of licensing processes.
The association has advocated for extended business hours, which it believes will accelerate India's progress towards becoming a $5 trillion economy. It also called for targeted subsidy schemes and easier access to debt financing for SMEs, particularly in smaller towns and cities.
The NRAI also underscored the need for a reduction in GST on eco-friendly packaging materials, advocating for a shift away from higher-taxed materials like plastic. This move aligns with the government's environmental objectives and encourages sustainable practices within the industry.Milestone Alert!
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