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Retail needs to be deemed as industry, FICCI

Apr '07
According to a report released by Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian retail is in transition and expected to achieve its stake from present 4 percent to over 20 percent by 2010 as it expands from from existing $328 billion to $430 billion.

To achieve this, FICCI has suggested measures for the retail sector like granting industry status, allowing FDI, simplification of the tax structure, improving skills of retail personnel, a determined move towards a single common market and a check on counterfeit to guarantee a continued and reasonable growth of the sector.

According to the FICCI report, organized retail may grow at a Compound Annual Growth Rate (CAGR) of 50 percent and touch worth $90 billion by 2010. It has witnessed a CAGR of 35 percent over the past five years and currently accounts for 1.5 percent of the country's GDP.

The organized retail is expected to receive an investment of around $30 billion in the next five to seven years, of which 92 percent is likely to be used in urban areas for the hypermarket (38 percent) and supermarket (28 percent) formats.

FICCI Secretary General Amit Mitra, while addressing at a press meet on Saturday, said, "Industry status to retail is the first basic step needed for reforming the retail sector. This would help the sector avail of organised financing and fiscal incentives".

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