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.
"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