According
to a recent study , India has more than
14 million retail outlets. A decade ago, most of the store would essentially be
family-run outlets, with a fairly low capability of growing either physically
or financially. However, with the allowance of up to a whopping 100% FDI in single
brand retail and 51% in multi-brand retail, the huge influx of large-scale foreign
players is now only a matter of time. In fact, a major retailer, Walmart(India)
has already opened up 20 Best-Price Modern Retail Stores across the country,
and is slated to come up with many more.
With
the entry of major foreign players in the retail sector at such humongous
levels, the organised retail market of the nation has consequently become more
competitive and is now open to implementing fairly new business models in order
to improve pricing and enforce efficient operations. While steps like these
will have a positive impact on the productivity of the retail segment, it will
also indirectly boost the employment opportunities within the country. As a
matter of fact, the current FDI in retail is estimated to create over 4 million
jobs in the country. Moreover, the indirect jobs created by the same, will go
over 6 million making it the largest sector in the nation, in terms of
organised employment. This will also include contractual employment within a
span of 10 years.
