Here are some key highlights from the Budget for the Retail Sector:
- The custom duty on television panels will be reduced to 2.5 per cent the move is expected to support manufacturers and help them compete with the international panel market.
- The Finance minister announced a cut on the import duty of certain inputs for mobile phone manufacturing. Consequently, mobile phones will be cheaper.
- On seeds used to create lab-grown diamonds, the basic customs duty would reduce.
- For the jewellery sector, basic customs duty on articles made out of gold bars has been increased.
- The FM declared a 16% increase in the NCCD for cigarettes. Cigarettes should cost more as a result of the increase, which could affect volume sales.
- Customs duty on kitchen electric chimneys has also been raised to 15 per cent from 7.5 per cent and that on heat coils reduced from 15 per cent to 20 per cent. Additionally, cess on toys and bicycles is reduced.
- A 20% increase from the previous year, the corpus for the MSME credit guarantee plan has been revised to Rs 9,000 crore. Beginning on April 1, 2023, the revised credit guarantee programme will go into force. This will let MSMEs receive an additional Rs 2 lakh crore in collateral-free lending.
- The FM announced, India would establish three centres of excellence (COE) for AI at prestigious universities to create state-of-the-art AI solutions in the nation.
Given the enormous size of the electronics sector, AI has created a wide range of opportunities in the consumer appliances and electronics category.
Temporary Staffing for the Retail Sector
The market has been growing significantly for the retail industry, hence there is a significant need to deploy employees. The demand for temporary staff is projected to increase over the years owing to the rising number of projects being launched by various governments.
Organisations are often faced with a shortage of manpower, usually during peak periods or other emergencies. Organisations tend to favour temporary staffing services during such circumstances. Additionally, as technology continues to evolve, the demand for workers with specific skills in design, engineering, digital marketing, and software application, among others, is on the rise. Temporary workers can help organisations in closing this gap.
In retail stores, where demand particularly tends to increase during public holidays and festive seasons, hiring short-term employees ensures organisational effectiveness. Temporary workers are also employed to cater to the increasing demand in the logistics sector for on-demand delivery services associated with online shopping.
In retail, it is preferable to hire experienced clerical workers temporarily for short assignments and multiple positions. The main job categories are receptionists, typists, general office clerks, secretaries, and computer operators.
To keep up with customers’ changing demands, organisations in the retail industry are hiring skilled workforce temporarily. These trends are projected to benefit the growth of the temp staffing segment overall.
Conclusion – Staffing requirements are dynamic. They differ based on a company’s seasonal or permanent requirements. Keep up with your staffing needs, regardless of your industry. Retail, Healthcare or Logistics, Prompt Personnel, provides temporary staffing services based on your business requirements. These temporary staffing solutions are bulk, volume hires, trained and deployed on our payroll. All HR-related services for meeting the demand of the retail sector.