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| Retailers seek industry status, unrestricted FDI |
| Press Trust of India / New Delhi Jul 05, 2009, 14:27 IST |
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The retail companies are hoping that the Finance Minister Pranab Mukherjee would accord industry status to the sector and allow unrestricted foreign direct investment inflow.
"There should be less restrictions on the retail sector and the government should grant it industry status. It is a very big sector and a major employer," Vishal Retail Group President Ambeek Khemka said.
He said the government should allow FDI into multi-brand retailing and announce special concessions for the sector including abolition of the service tax.
"Liquidity is a big issue and some special sops would be welcome. Besides, there should be a standard policy for the retail sector," Khemka added.
The Indian retail sector is of around $300 billion, according to experts, and only around 5 per cent of it falls under the organised segment.
Koutons Retail India Chairman D P S Kohli emphasised on the need to grant industry status to the retail sector as a first basic step towards reforming Indian retailing.
"The move will help develop the sector, encourage fiscal incentives, make available organised financing and ensure insurance norms," he said.
RPG Group subsidiary Spencer's Retail has asked the government bring in liberalisation by making the sector open for FDI.
"This will foster competition, expose Indian retailers to better industry know-how and ensure flow of funds for the domestic players as well," Spencer's Retail spokesperson said.
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