Retail Sector Not Open to Reforms
Jul. 17 – India has indicated no plans to reform its retail industry in efforts to safeguard the second largest source of jobs in the country.
India’s retail market remains untapped and closed to foreign investors. AT Kearney’s Global Retail Development Index last year ranked it as the second most attractive emerging market.
Minister of State for Commerce Jyotiraditya Scindia told The Economic Times: “The government is fully committed to securing the legitimate interests of all stakeholders engaged in the retail business.”
He added in a letter to the lower house: “The government also fully recognizes the need to ensure that small retailers are not adversely affected by the growing organized retail and that there is no adverse effect on employment.”
A study made by the Indian Council for Research on International Economic Relations, reported that the country’s retail trade industry is forecast to expand by 10 percent annually to an estimated US$496 billion in 2011-12.
Moreover, the study recommended that the retail trade sector by opened to major players adding that there was no evidence that employment would be greatly affected.
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