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Our Bureau

New Delhi, June 2

The Associated Chambers of Commerce and Industry of India has suggested opening up of retail for foreign direct investment in a calibrated manner. This would give time to domestic retailers to prepare and face their competitors such as Wal-Mart to have a proportionate share in the projected retail business of $23 billion by 2010, according to the chamber.

Currently, organised retailing is estimated between $7.5 billion to $8 billion. The domestic players suffer from the lack of infrastructure and the biggest bottleneck in this regard is the prohibitive prices of large retail spaces in the upmarket or central locations in the large cities, according to the chambers. The chamber holds the view of its members, emphasising that the Government should consult the stakeholders before any policy announcement is made.

More Stories on : Foreign Direct Investment | Retailing | Industry Associations

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