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Our Bureau

Hyderabad , Dec. 3

With the country's organised retail poised for a growth at a compounded annual growth rate of about 35 per cent over the next few years, there is huge potential in the country and the State in particular, according to the Confederation of Indian Industry.

Speaking at a conference on Organised Retail: Opportunities in Andhra Pradesh, Dr G. Vivekanand, Chairman, CII-Andhra Pradesh, said that the retail sector is at an inflection point even though it is relatively small from a global standpoint.

The State Secretary, Municipal Administration and Urban Development, Mr S.P. Singh, said that the retail industry has the potential to grow faster than the country's economy and could generate about 8 per cent employment of the total workforce.

Referring to some of the steps initiated by the State Government to create an ideal investment climate, Mr Singh said the State has modified building laws to meet the requirement of the emerging economy and at the same time ensure public safety.The master plan for Hyderabad agglomeration has been finalised and it presents a conducive environment for growth of the retail sector. With the multinationals coming into India and targeting Indian retail, it presents both challenges and opportunities.

The Chief Executive Officer of Maheshwari Mega ventures Ltd, Mr Girish Malpani, said that the focus now would be to see how this retail sector growth could be reached out to Tier-II and I cities from metros and larger cities.

The State Secretary, Tourism, Ms Chitra Ramachandran, sought to connect retail boom that could aggressively capture tourist inflow and thereby enhance shopping infrastructure. A ripple effect of this industry is passed on to the hospitality, aviation, construction and healthcare industries.

More Stories on : Retailing | Andhra Pradesh

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