The Hindu Business Line : ‘Retail will create 3.5 m jobs’

The Indian Retail Forum kick-started with Mr V. Vaidyanathan, Executive Director, ICICI Bank, stating that the growth in retail will create three-and-a-half million job opportunities. Giving an overview of the current Indian retail scenario, Mr Vaidyanathan further added, “India is getting modern and needs modern methods of retailing. The size of the retail industry in India is estimated to be Rs 12 lakh crore which is expected to triple in the near future. Food and grocery continue to be the largest contributors to organised retail.”

The India Food Forum was launched at the IRF by Mr Subodh Kant Sahai, Minister for Food Processing Industries. Encouraging the small shopkeepers to participate in the retail growth, the Minister said, “The small shopkeepers must be involved in the supply chain management and made part of the ongoing retail boom.”

Outlining the future scenario in emerging retail in the country, Mr Arun Nanda, Executive Director Mahindra & Mahindra, said, “The small kirana store owners won’t disappear. Instead they would become more efficient a s organised retail comes to India.”

Highlighting the challenges in the retail industry, Mr Nanda stressed on the importance of logistics in the business. “The challenge would be to manage the transportation facilities which need to gear up to support the retail growth in India,” he said.

Betting on the aspirational middle class to drive growth in the retail sector, Mr Vinod Sawhny, President, Bharti Retail, said, “The competitive price and better quality goods coupled with the aspirational middle class lifestyle with enhanced shopping experience will drive modern retail.”

Held over a three-day period, IRF 2007 will see the participation of international speakers, exhibitors and delegates from across the industry.

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`Retail sector will create 20 lakh jobs by 2010'

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