The retail business is estimated to touch $560 billion
Delegates discuss retail strategies in new consumption markets at Coimbatore retail summit 2015 in Coimbatore on Thursday. (Photo: DC/File)
COIMBATORE: The retail business is estimated to touch $560 billion and the Union government has to formulate a policy for retail business development, Kumar Rajagopalan, the chief executive officer of retailers association of India (RAI) urged here.
The retail outlets are still in the ambit of the Shop and Establishment Act and so a national policy on trade for retail should be formulated by the government, he said. States like Maharashtra, Andhra Pradesh, Telangana, Rajasthan and Madhya Pradesh have indicated their interest in creating a retail policy. It is high time Tamil Nadu also chipped in and come up with a state level policy on retail in the larger interest of the retail trade, he added.
The retailers association of India hosted the retail summit 2015 on strategies for retaining in new consumption markets in Coimbatore. The summit provided retailers and service providers a platform to discuss about the challenges and issues in venturing into new markets.
Talking about the requirement of the industry, Kumar Rajagopalan said there has to be a single window clearance for those who want to start a retail establishment. “A nodal ministry along with a few nodal officers is required who can support the industry. Though e-commerce has reached a bit late in India, we see a great potential if government helps to set up a policy.”
( Source : dc correspondent )
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