October 25, 2019
Mr Abhishek said with growing middle class and increasing incomes
Mr Abhishek said with growing middle class and increasing incomes, the retail
sector is set for a massive revolution. Mr Abhishek said the $650 billion retail
sector is growing fast and that it holds huge potential for businesses.So far,
only one foreign player, Tesco, has received approval for opening stores under
the multi-brand retail policy.He was replying to a question whether the
government is looking at increasing FDI cap to 100 per cent in the sector, a
politically sensitive segment..Although the current FDI policy permits overseas
players to hold 51 per cent stake in an Indian multi-brand retail company, the
BJP in its election manifesto had opposed overseas investment in the retail
segment. The previous UPA government had cleared the proposal.
Organised retail
is only 10 per cent (of this figure) and out of that ecommerce is only 3 per
cent.â€Mr Abhishek said that the government has no proposal to change the
existing foreign direct investment (FDI) policy in the multi-brand retail
trading sector. I think there is a tremendous scope for growth in e-commerce and
organised retail," he said. "You know the multi-brand retail policy that exists
today. There is no proposal for change,†he said. (Photo:
Pixabay/Representational) New Delhi: Department of Industrial Policy and
Promotion (DIPP) secretary Ramesh Abhishek on Thursday said that India has the
potential to be ranked among the top 25 nations among on World Bank’s Ease of
Doing Business rankings.In October, India rose 23 places to move to 77th
position in World Bank’s global Ease of Doing Business rankings due to
"sustained business reforms over the past several years. China famous Aluminum extrusions
profile So far, only one foreign player, Tesco, has received approval for
opening stores under the multi-brand retail policy.
He was replying to a question
whether the government is looking at increasing FDI cap to 100 per cent in the
sector, a politically sensitive segment.Mr Abhishek, who was speaking at a CII
event, said that to make this happen, the government is working assiduously at
the ground level by building capacities at the district level in every state and
adopting a feedback mechanism for various implemented reforms."So there is a
plenty of scope to make money and do well,†he said
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