Thaindian News

New Delhi, Nov 25 (IANS) India Inc. overwhelmingly welcomed the government decision to allow up to 51 percent foreign equity in multi-brand retail trade and 100 percent in single-brand format. Here are some quote-unquotes from corporate captains:

Rajan Bharti Mittal, chairman Bharti Walmart:

We have always stated that development of organised retail in India will bring immense benefits across the value chain — from farmers to small manufacturers and above all to consumers while creating enormous employment opportunities at the bottom of the pyramid.

Thomas Varghese, chief executive, Aditya Birla Retail:

The move will open significant opportunities in India for expansion of organised retail and allow substantial investment in back-end infrastructure like cold chain, warehousing, logistics, expansion of contract farming, and development of small and medium enterprises.

B. Muthuraman, vice chairman, Tata Steel:

This would open up enormous opportunities in India for expansion of organised retail and allow substantial investment in back-end infrastructure like cold chains, warehousing, logistics and expansion of contract farming.

Harsh Mariwala, chairman, Marico:

This is just the first step. Seeds have been sown but the fruits will be seen only if other policy initiatives are implemented immediately like adoption of model agriculture produce marketing committee act by all the states, and timely implementation of goods and services tax.

Chandrajit Banerjee, director general, CII:

This move is expected to substantially benefit consumers also, by making available farm produce at much lower prices. This would also lead to growth, evolution and innovation in the un-organised retail sector.

D.S. Rawat, secretary general, Assocham:

Foreign investments in the India retail sector will inject competition and efficiencies, create lakhs of new jobs across the country and reduce considerable difference in farm gate prices, wholesale prices and retail prices.

Sanjiv Goenka, group chairman, RP Sanjiv Goenka Group:

Retail foreign direct investment will help consolidate back-end services and introduce better retail management practices, thereby bring down costs and improve viability. With this announcement, the government has sent strong signals that reforms are back on the agenda. This is positive for the economy.

Rakesh Biyani, joint managing director, Pantaloon Retail India:

Retail sources more than 50 percent of its products from within the country. Thus, new jobs will be created in front-end & back-end leading to a positive impact in regional economy. The mom and pop stores will benefit from a better backend and larger product offering and will continue to grow.

Reliance Retail spokesperson:

This decision would give overall boost to the entire sector. The policy and regulatory framework will enhance the support infrastructure for organised retail in areas such as supply chain management and would be a win win situation for all segments of the industry including small scale suppliers, consumers, farmers and retailers.

Mehul Choksi, chairman, Gitanjali Gems :

For international retailers it’s an opportunity to be a part of Indian consumption story as well as bring in revolution in the retail experience with their expertise. Besides window for luxury players to partner with Indian brands, we expect chains like Walmart, Carrefour, M&S; also to spread their presences and formats.