Walmart seeks industry status for retail sector in India

Walmart seeks industry status for retail sector in India

The world's largest retailer Walmart on Wednesday sought an “industry” status to India's retail sector which has a potential to create 5.60 crore jobs by 2020.

"India’s retail sector is vital for the economy and employment generation and it is time to elevate the position of the sector to an “industry”," Krish Iyer, President and CEO, Walmart India said at an industry event here.

“India needs to create a million jobs every month for the next three years to ensure that all of its young members are fully employed and retail has the ability to create that job growth,” Iyer said at a CII conclave for the retail sector.

He also hailed the government's structural reform measures in the last four years in the field of GST, banking reforms and Bankruptcy Code and said public spending on infrastructure has made India an attractive destination.

Atul Chaturvedi, Additional Secretary, Department of Industrial Policy & Promotion underlined the employment generation potential of retail sector saying it can generate upto 56 million jobs by 2020 and contributes around 10% to the GDP.

He shared how DIPP has been involved in implementing reforms that will bring growth and there is a positive shift in how the government is now looking at the foreign retailers. A more liberalized approach is now being followed in infusing growth in sector, he said.

A report analysing the growth of the retail sector in the country was also released at the event.