Tuesday, July 29, 2025
  • Home
  • About us
  • Privacy policy
  • Advertise with us
  • Contact us
Fii News Logo
No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Newsletter
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Fiinews
No Result
View All Result
Home Economy

Cohesive National Retail Policy needed to revival retailers

Fiinews by Fiinews
November 26, 2020
in Economy, Investment, Manufacturing, Technology
Reading Time: 3 mins read
A A
0
CII-Kearney
0
SHARES
10
VIEWS
LinkedinShare on Twitter

0:00

Report calls for supply-side policy interventions

India needs a retail policy immediately to revive five to seven lakh retailers who have shut shop due to the COVID-19 pandemic and lockdown across the country, according to a report.

“A National Retail Policy needs to be rolled out with the immediate effect that brings all forms of retail under one umbrella,” Shashwat Goenka, Chairman, CII National Committee on Retail & Sector.

There are four crucial areas that the policy needs to pay attention to – Ease of doing business, Modernization and adoption of technology, Access to Capital, Employee Upskilling, said Goenka, Head – Retail & FMCG, RP – Sanjiv Goenka Group.

“These four areas would be able to better aid the retail sector through trying times while creating an inclusive holistic environment for the segment to thrive,” he said.

The CII-Kearney report outlines supply-side policy interventions to drive retail growth.

A National Retail Policy is needed to streamline approvals and compliance mechanisms, improve access to capital, enable technology-led modernization, bridge infrastructure gaps in retail and increase labor participation and productivity, said the report.

“These will bring back five to seven lakh retailers who have shut shop, back into business, generate 30 lakh more employment and drive 2% incremental GDP growth,” added Subhendu Roy, Partner, Kearney

As insufficient aggregate demand rules during the COVID pandemic, the retail industry has taken the largest hit. Slow demand recovery will exacerbate the pain already induced to several segments of retail owing to the lockdown, coupled by the uncertainty across the consumption spectrum, said CII in a release on 24 Nov 2020 on releasing the report.

The importance of retail to India’s economy cannot be understated. Contributing 12% to the gross value added to overall GDP, retail is India’s third-largest sector. It also touches the lives of crores, by providing direct employment to more than five crore people, and several more in allied sectors.

The pandemic has created vast disruptions in demand and supply chains across the country, however, as India unlocks the economy, it provides us with the opportunity to reassess the areas that will help revive the industry.

While the government’s fiscal stimulus is crucial to improve consumer spending in the wake of the pandemic, supply-side policy interventions are essential to catalyse the retail growth faster and be more efficient in the long run, it said.

The CII-Kearney report details the critical areas that the cohesive model retail policy needs to pay attention to, across five building blocks:

streamlining approvals and compliance mechanisms to improve ease of doing business;

improving access to capital, especially for traditional retailers and smaller players;

rapid adoption of technology and modernization by traditional retailers;

bridging logistics and supply chain infrastructure gaps, and

enhancing labour participation and productivity.

Anil Agarwal, Joint Secretary Department for Promotion of Industry, released the report “National Retail Policy- To Enable the Next Wave of Retail Growth” at the CII India Retail Summit 2020.

The government can act as a catalyst by rolling out a cohesive model retail policy to reinvigorate the sector and unlock next phase of growth.

The report highlights the key Government interventions and potential incentives that can help create an inclusive environment for traditional retailers, boost attractiveness for investment and create a win-win situation for various players in the industry, consumers and the Government. #retails #manufacturing #skilling #investment #economy /fiinews.com

Tags: AT KearneyCII
ShareTweetShare

Related Posts

Bhashini
Technology

Tech: India to share AI models with Global South

by Fiinews
July 29, 2025
0
15

Mission Bhashini-Anuvadini advancing language technology India is open to sharing its artificial intelligence models with the Global South, S Krishnan,...

PIB
Manufacturing

Project: DRDO carries out flight-trials of ULPGM

by Fiinews
July 27, 2025
0
11

Missile equipped with 3 modular warhead options In a major boost to India’s defence capabilities, Defence Research & Development Organisation...

PIB

Manufacturing: BEL wins Rs.2,000cr contract

July 27, 2025
11
Sidbi

Invest: 3 flagship funding schemes launched

July 27, 2025
14
Nadcab Labs Logo.png

Tech: Nadcab reports increase in blockchain adoption

July 25, 2025
11
Capgemini

Tech: WNS-Capgemini set to create AI force

July 25, 2025
14
SBI YONO

POPULAR NEWS

  • Cristina Dnv

    Projects: Indian yards set to build green ships, says DNV expert

    0 shares
    Share 0 Tweet 0
  • Market: Indian-origin UGF scales heritage consumer brands globally

    0 shares
    Share 0 Tweet 0
  • Technologies: Royal Diamond sponsors aerspace Industries’ drones in UAE

    0 shares
    Share 0 Tweet 0
  • Investments: Foreign investors see India as long-term destination for fund placings

    0 shares
    Share 0 Tweet 0
  • Markets: Blue Dart maintains positive outlook on India

    0 shares
    Share 0 Tweet 0

Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

7Clicks Media is a Singapore based Media & PR company offering over 100,000
impressions via our targeted communication strategy.

It is led by editor-in-chief Gurdip Singh who has worked over 45 years reporting on
Asian businesses.

Recent News

  • Market: Nedia-Birla to work across Americas
  • Project: LTTS wins $60m telecom contract
  • Export: FIEO sees bilateral doubles to $120bn
  • Export: FTA aligns with deeper global vision
  • Export: India-UK FTA to boost bilateral trade

Pages

  • About US
  • ADVERTISE ON FIINEWS.COM
  • CONTACT US
  • EVENTS
  • FII-NEWS.COM PDF ARCHIVE
  • Home
  • News
  • PRIVACY POLICY

Subscribe to Newsletter

  • About
  • Advertise
  • Careers
  • Contact us

© 2024 FIINEWS - Design and developed by 7clicksmedia.

No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports

© 2024 FIINEWS - Design and developed by 7clicksmedia.