Retail sector can generate 5.6 crore jobs in India by 2020

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NEW DELHI: India’s retail sector is vital for the economy and employment generation and it is time to elevate the position of the sector to an “industry”, says Krish Iyer, President and CEO, Walmart India, while speaking at the CII Retail Conclave held at the India Habitat Centre in New Delhi, today.

He applauded the government for the measures taken in the last four years, which he emphasised has made it a “pleasure building back the business” in the country.

Iyer added that through structural reforms like GST, IBC and public spending on infrastructure had made India an attractive destination.

“With the implementation of GST, India has become a borderless nation” said Iyer.

Regarding the potential the sector holds, Iyer says India needs to create a million jobs every month for the next three years to ensure that all of its young members are fully employed and retail has the ability to create that job growth.

Iyer also dwelt on the need for Retailers, builders, developers to focus on green growth and look for environment-friendly set ups.

Atul Chaturvedi, Additional Secretary, Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, underlined the employment generation potential of retail sector which can generate upto 56 million jobs by 2020 and contributes around 10% to the GDP.

He shared how DIPP has been involved in implementing reforms that will bring growth and there is a positive shift in how the government is now looking at the foreign retailers. A more liberalized approach is now being followed in infusing growth in sector.

A CII-JLL report titled “India Retail: Stepping up the Game” was also released at the conclave. The report analyses the growth of the retail sector in the country and how the industry has innovated to meet the various challenges.

Adesh Gupta, Past Chairman, CII Northern Region and CEO, Liberty Shoes Ltd, acknowledged the government on behalf of the retail industry for implementing GST which has made India a borderless country and has enhanced the ease of doing business.

Rajesh Arora, Chairman & CEO, The Arora Group, delivered the vote of thanks and stressed on how the retail sector is contributing to the economy.