The Hindu Business Line : ‘Retail sector must take up modernisation’

Madurai, Dec.4 The entry of multinationals and Indian conglomerates can be best tackled by the retail sector if they are able to identify the critical sphere by which they can have an advantage, said Mr Tee.Narayanaswami, Director, National Small Industries Corporation Ltd (NSIC), here.

Delivering the keynote address at the 83rd anniversary celebrations of Tamil Nadu Chamber of Commerce and Industry, which also marked the launch of the Business Promotion Centre, a guidance cell of the chamber, he said the process of globalisation has brought in both beneficial and adverse effects. The big players have been preparing over a decade to face the market situation in the country by commissioning a study by Harvard Business School (HBS), US and it has come out with minute details necessary to capture the market.

He also added that the manufacturers and traders in the South do not tap many of the Union Government schemes.

The Minister for Revenue and Housing, Mr I. Periasami, while inaugurating the business centre, said the retail sector should modernise in tune with the change taking place around them and assured to stand by their efforts in facing the competitive scenario.

Earlier, the chamber President, Mr S.Rethinavelu said that a meeting of traders has been called at Tiruchi on December 9

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