'Push for industry status for the retail sector'
By Pushpa Bector, Senior Vice President - Leasing and Mall Head, DLF Mall of India
February 27, 2013 / 13:26 IST
By Pushpa Bector, Senior Vice President - Leasing and Mall Head, DLF Mall of India
Budget for this year must come up with some immediate and effective announcements as a remedy to the current situation. The true effect of opening of multi-brand retail and single brand retail will only come in if GDP is back on high growth track and consumption increases. Post FDI in retail, the sector is now being looked at in a big way, and is expected to be a key driver for the next phase of economic development. Though the government has laid out a road map for attracting the foreign investments into the sector, investors expect that a successful transition happens at the ground level. And thus, all the industry leaders and the foreign players who consider investing in retail sector would closely follow the budget.We hope that the budget brings with it a separate industry status for the retail sector so that monitoring the sector’s growth can happen. Retail is growing at such a fast pace and is also creating employment opportunities. As the provision of rewarding through incentives and other profit led perks for triggering employment opportunities is only limited to industrial undertakings, we expect the coming budget also creates a scope of the same provision to retail companies/ units as well which is much required for the growth of the sector.Also, with more opportunities to job seekers, the end consumers must also be benefitted. Due to significant rise in inflation, the purchasing power of the consumers has decreased. The government should review and take appropriate measures to increase the disposable income of customers which will increase which will benefit both the consumer as well as the sector simultaneously.As told to Nikita PeerYou can send your feedback on smementor@moneycontrol.com or simply post comments below
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