Walmart India CEO Krish Iyer demands 'industry' status for retail sector, says it can create millions of jobs

Walmart India CEO Krish Iyer has demanded "industry" status for the retail sector as it is "vital for the economy and employment generation", according to a media report.

Iyer, speaking at a CII retail conference in New Delhi on Wednesday, said India needs to create a million jobs every month for the next 10 years to ensure that its youth are fully employed. He added that the retail sector has the ability to create that job growth, The Economic Times reported.

A file photo of Krish Iyer. Image courtesy: Walmart

A file photo of Krish Iyer. Image courtesy: Walmart.

"If retail is granted the industry status in India, it would become more viable for businesses," Iyer was quoted as saying by the newspaper.

In January, in the run-up to the Union Budget, retailers asked the Narendra Modi-led government to grant industry status to the sector, for easier access to finance and to help players attract more investments.

Besides, the industry also sought a relaxed FDI regime for multi-brand retail trade (MBRT), apart from incentives for warehousing and cold storage facilities.

On the demand for industry status for the retail sector, Retailers Association of India (RAI) CEO Kumar Rajagopalan said in January: "Such a step would provide the sector with support in accessing the financial system and hence allow for more investment in the sector and also allow the critical sector to be eligible for all support and incentives as applicable to other industries."

Expressing similar views, Franchise India Chairman Gaurav Marya said back then: "For small retailers, banks could provide finance to help them upgrade themselves and be more competitive and contemporary in their approach to reaching out to the customer."

With inputs from PTI


Updated Date: May 16, 2018 14:48 PM

Also Watch

Social Media Star: India’s top lifestyle bloggers share their trade secrets on the latest episode
  • Friday, July 27, 2018 First Day First Showsha — Reviewing Tom Cruise's Mission: Impossible - Fallout in 10 questions
  • Friday, August 10, 2018 It's a Wrap: Fanney Khan stars Anil Kapoor, Rajkummar Rao, Pihu Sand in conversation with Parul Sharma
  • Wednesday, August 15, 2018 Partition's real cost: Sonam Kalra revisits accounts of separation, loss in a spellbinding performance
  • Monday, August 13, 2018 Asian Games 2018: How Indian women's hockey team moved on from heartbreak at London World Cup

Also See