With no mention of the retail industry in today's Budget, organised retailers consoled themselves by saying that in the long-term it would derive benefits from tax incentives and development programmes which would boost spending by the common man.

The industry was expecting an industry status as well as easing of FDI norms but was disappointed by the lack of mention of industry in the budget.

"It is not a very inspiring budget. The retail sector has been clamouring for some kind of an industry status and the issue not being touched upon is a disappointment," Reliance Retail Ltd s President and Chief Executive (Lifestyle), Bijou Kurien, told PTI.

Aditya Birla Retail s CEO, Thomas Varghese, said the Finance Minister s silence on (easing) FDI norms in retail was a dampener.

"I feel the Finance Minister should have also done away with service tax on rentals, which is currently at 12.5 per cent," he said.

Subhiksha Trading Services Managing Director, R Subramanian, said the lack of clarity on FDI norms was certainly a "negative".

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