Mr Vaid pointed out that this is one of the boldest and much-needed reform that the Government has initiated inspite of visible compulsion of a coalition Government and with inevitable pulls and pressures of the opposition parties. He hoped that this would encourage big surge in Foreign Direct Investment in back-end operations and infrastructure for the modern retail stores.
This positive and timely initiative of the Government will attract more and more FDI and give a much-needed boost to the Indian economy. The Textile and Clothing Industry will be getting much-needed FDI and modernization of the industry will take place at faster pace and will make us more competent and competitive in the International Market and also encourage our exporters particularly of textiles and garments as they will integrate with major global retail supply chains.
“Retail sector which is fragmented and needs fresh technological inputs in retails sales management and more over there are no price rationale at all people charge depending on location and client and once established mass retailers open their shops than we will see an honest price war of offering the best to consumer and consumer will be the ultimate beneficiary and " consumer will be King ", said Mr Vaid.
Mr Vaid expressed the hope that the States will respond positively to this policy initiative, as they have been allowed to take a final decision on FDI in multi-brand retail to encourage retail revolution in the Country, for the overall benefit of the Indian Economy.
In a growing economy like ours, various conflicts between national and sectional and Central and State interests have to be addressed keeping in mind the Government’s commitment to its declared objectives of inclusive economic growth with employment generation. The sooner we open our retail sector better it will be, stated Mr Vaid.
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