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Retail policy to help generate 30 lakh jobs by 2024: CII
25 Nov '20
3 min read
Pic: Shutterstock
A cohesive national retail policy would go a long way in reviving the sector and help generate up to 30 lakh additional jobs by 2024, according to Shashwat Goenka, chairman of the Confederation of Indian Industry (CII) national committee on retail, who recently said such a policy would help the sector bounce back and grow exponentially in the future.
Goenka, who is also head of retail and fast moving consumer goods at the RP-Sanjiv Goenka Group, was speaking at the CII India Retail Summit 2020.
“Moving forward as the industry revives from its slump, new and emerging models need to be deliberated in order to accelerate the recovery process. The industry is still hampered by the loss in the demand therefore proactive steps need to be taken in order to revive consumer confidence as well," Goenka noted.
As per industry estimates, around 5 crore people are employed in the organised retail sector in India.
To address these challenges and bottlenecks faced by the sector across formats, retail industry leaders under the ambit of CII believe that the government should come up with a cohesive model retail policy, he was quoted as saying by a news agency.
He added that research indicated that an investment of just ₹6,500 crore in retail related infrastructure, including warehousing and cold storage facilities, can create two or three lakh additional jobs.
Department for promotion of industry and internal trade joint secretary Anil Agrawal said the government is working on the retail policy.
“We have a discussion paper (on retail policy) and we are refining it and I am sure inputs from the report launched today will give us some good insights as how do we fine-tune the retail policy," he said. He added that the government is also conscious that retail and e-commerce need to be looked in an integral manner so that the entire ecosystem grows together.
A report titled 'National Retail Policy—To Enable the Next Wave of Retail Growth', was also released during the day-long event. The CII-Kearney report details the critical areas that the retail policy needs to pay attention to, across five building blocks including streamlining approvals and compliance mechanisms to improve ease of doing business.
It also lays emphasis on improving access to capital, especially for traditional retailers and smaller players, rapid adoption of technology and modernisation by traditional retailers, bridging logistics and supply chain infrastructure gaps, and enhancing labour participation and productivity.
Goenka, who is also head of retail and fast moving consumer goods at the RP-Sanjiv Goenka Group, was speaking at the CII India Retail Summit 2020.
“Moving forward as the industry revives from its slump, new and emerging models need to be deliberated in order to accelerate the recovery process. The industry is still hampered by the loss in the demand therefore proactive steps need to be taken in order to revive consumer confidence as well," Goenka noted.
As per industry estimates, around 5 crore people are employed in the organised retail sector in India.
To address these challenges and bottlenecks faced by the sector across formats, retail industry leaders under the ambit of CII believe that the government should come up with a cohesive model retail policy, he was quoted as saying by a news agency.
He added that research indicated that an investment of just ₹6,500 crore in retail related infrastructure, including warehousing and cold storage facilities, can create two or three lakh additional jobs.
Department for promotion of industry and internal trade joint secretary Anil Agrawal said the government is working on the retail policy.
“We have a discussion paper (on retail policy) and we are refining it and I am sure inputs from the report launched today will give us some good insights as how do we fine-tune the retail policy," he said. He added that the government is also conscious that retail and e-commerce need to be looked in an integral manner so that the entire ecosystem grows together.
A report titled 'National Retail Policy—To Enable the Next Wave of Retail Growth', was also released during the day-long event. The CII-Kearney report details the critical areas that the retail policy needs to pay attention to, across five building blocks including streamlining approvals and compliance mechanisms to improve ease of doing business.
It also lays emphasis on improving access to capital, especially for traditional retailers and smaller players, rapid adoption of technology and modernisation by traditional retailers, bridging logistics and supply chain infrastructure gaps, and enhancing labour participation and productivity.
Fibre2Fashion News Desk (DS)
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