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Modern retail is expected to account for 12-13 per cent of the total retail industry in the next five years compared to six per cent currently, say experts.
According to Mr Kumar Rajagopalan, Chief Executive Officer, Retailers Association of India, skilled manpower is the major challenge the retail industry is facing now.
“Modern retail would require at least another five lakh people in the next five years,” he said on the sidelines of a retail summit, organised here by the Federation of Indian Chambers of Commerce and Industry. On its part, the association has tied up with National Skill Development School to educate and employ students in order to address the issue, he said.
On the Foreign Direct Investment issue, Mr H. Vasanthkumar, Managing Director of Vasanth and Co, a leading consumer durables retailer in the South, said it may not be wise to allow FDI in the multi-brand retail sector.
However, he said even if it is allowed, he was confident that Indian retailers would emerge the winner in the long run.
Financial support
Earlier, addressing the inaugural session, Mr V. Rama Gopal, Executive Director, Indian Bank, said banks' decision on financial support to retailers is influenced by various factors such as the sector's growth within the economy, scalability of the retail model, the retailer's capacity to repay and his behaviour in facing uncertainty in the market.
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