Financial Daily from THE HINDU group of publications
Saturday, Apr 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 09, 2005 |
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Marketing
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Retailing Retailers hail extension of sops for import of capital goods Our Bureau
Chennai , April 8 RETAILERS have welcomed the trade policy initiative of extending concessional duty benefits givenunder the EPCG scheme for import of capital goods required by retailers having a minimum covered shopping area of 1,000 sq. mt. Capital goods for retailers of products such as international furniture, escalators, fixtures, display shelves, mannequins, and decorative materials used inside the store could not be imported without making a hole in the retailer's pocket. The decision will change the look and feel of retail sector. "It will facilitate modernisation of retail, and help give it an international look," said Mr Gibson Vedamani, CEO, Retailers' Association of India. Earlier, such products used to attract high duties; this decision will draw a minimum duty of 5 per cent for retailers, and will enable them to match the international feel of global retail chains, Mr Vedamani added. "We had demanded this policy for last two years. Now that it has taken off, it will encourage organised players to reach a level playing field and match up to international standards," said Mr Ved Prakash Arya, COO, Pantaloon Retail. Mr Raghu Pillai, President, RPG Retail, said that any chain with some form of exchange earnings would benefit. It would benefit retailers who need to import expensive cold storage equipment, he said. The retailers demand to equate them with other earners of foreign exchange has been met, he said. Mr Arvind Singhal, Chairman of retail consulting firm KSA Technopak, does not believe that there would be a wide impact for the retail trade. "It meets the demand of some retailers but it is unlikely to have any significant impact on the industry as a whole. It may help speciality retailers in particular, since they would tend to deal with more foreign exchange earnings."
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