In­dia’s re­tail sec­tor is vi­tal for econ­omy: Wal­mart In­dia CEO

The Gulf Today - Business - - REGION -

NEW DELHI: In­dia’s Re­tail sec­tor is vi­tal for the econ­omy and em­ploy­ment gen­er­a­tion and it is time to el­e­vate the po­si­tion of the sec­tor to an “in­dus­try”, Wal­mart In­dia Pres­i­dent and CEO Kr­ish Iyer said here on Wed­nes­day.

Iyer who was speak­ing at the CII Re­tail Con­clave added that through struc­tural re­forms like Goods and Ser­vices Tax (GST), In­sol­vency and Bank­ruptcy Code and pub­lic spend­ing on in­fra­struc­ture had made In­dia an at­trac­tive des­ti­na­tion. “With the im­ple­men­ta­tion of GST, In­dia has be­come a borderless na­tion” said Iyer.

Regarding the po­ten­tial the sec­tor holds, he said In­dia needs to cre­ate a mil­lion jobs ev­ery month for the next three years to en­sure that all of its young mem­bers are fully em­ployed and Re­tail has the abil­ity to cre­ate that job growth.

Speak­ing at the event, Atul Chaturvedi, Ad­di­tional Sec­re­tary, Depart­ment of In­dus­trial Pol­icy & Pro­mo­tion, Min­istry of Com­merce & In­dus­try, un­der­lined the em­ploy­ment gen­er­a­tion po­ten­tial of Re­tail sec­tor which can gen­er­ate upto 56 mil­lion jobs by 2020 and con­trib­utes around 10 per cent to the GDP.

He shared how DIPP has been in­volved in im­ple­ment­ing re­forms that will bring growth and there is a pos­i­tive shift in how the government is now look­ing at the for­eign re­tail­ers. A more lib­er­alised ap­proach is now be­ing fol­lowed in in­fus­ing growth in sec­tor.

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