KOLKATA, Feb 8: More than a one lakh retailers across the country will be hit by 200 per cent import duty hike, toy importers, who went on strike on Saturday, said.
The Centre, in the Union budget, has proposed raising the import duty on toys from 20 per cent to 60 per cent from the next fiscal, saying that the step would support the MSMEs and promote local manufacturing.
Protesting the move, the toy wholesalers of the city went on a one-day strike, contending that the import duty hike will result in the closure of businesses and a spur in unemployment.
“The 200 per cent import duty hike is a rude shock for the toy industry. It cannot be absorbed by the market as it will make the goods unaffordable for the masses.
“We seek immediate rollback to the previous rate of 20 per cent. We are protesting with a token one-day shutdown today (Saturday),” West Bengal Exim Association joint secretary Mohit Banthia said.
The wholesale market on Canning Street in the city wore a deserted look due to the strike.
The toy importers and retailers will attempt to meet Union Finance Minister Nirmala Sitharaman during her visit to the city on Sunday, Banthia said.
The country imports toys worth around Rs 2,500 crore annually, of which 75 per cent are from China, officials said.
Of the Rs 2,500 crore import, Kolkata’s share is of Rs 130 crore, they added. (AGENCIES)
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BIZ-VIVO
Vivo to set up over 250 exclusive stores this year to expand retail network
NEW DELHI, Feb 8:
Smartphone maker Vivo on Saturday said it is planning to add over 250 exclusive stores this year to its retail network in the country.
The company has launched a new experiential flagship store in Thane, Maharashtra and plans to have 20 more such stores across metros and state capitals to offer a distinct customer experience in an offline retail space, Vivo said in a statement.
“Keeping customer centricity at the core, we at Vivo strive to offer our customers unique retail experiences. The offline channel has been an essential part of our go-to-market strategy, and we shall continue to invest in this channel. We intend to launch more than 250 exclusive stores in 2020, taking the total number to 600,” Vivo India Director (Brand Strategy) Nipun Marya said.
On the experiential store, the company said the outlet houses dedicated gaming, virtual reality and customer interaction zones that will allow smartphone enthusiasts to engage with Vivo products and experience cutting-edge technology in an immersive environment.
According to research firm IDC, Vivo captured the second spot (behind Xiaomi) in the smartphone shipment tally with 18.8 per cent share (6.9 million units) in December quarter 2019. On a full-year basis, it ranked at the third spot after Xiaomi and Samsung. (AGENCIES)
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