"FDI policy cannot be static. Some areas where employment-generating potential is high are under consideration, like branded and dedicated retail segments." In the early part of the 17th century the East India Company, a group of British merchants, arrived in India to seek permission to establish their business in India. They stayed back in India and ruled India for almost 150 years. Though every trader is not a comparison for the traders of the East India Company, our parliamentarians and officials are of the notion that India would be a colony again if they allowed FDI in its retail sector.
Globalization brings the entire world onto a single stage.The world's large retail enterprises seek globalization in the retail industry and are continuously striving to make their presence global. FDI, as in other sectors, brings advanced marketing models, management skill and technical know-how along with the capital to the host country to promote their operating efficiency and business modernization. Hence, globalization of retail sector is necessary for the development of that sector. Many countries including China, Brazil, Thailand and Singapore have opened their retail sector to foreign players and are reaping of it. This sector accounts for 10% of GDP in most countries. The global retail game is changing fast. Big international players are focusing on rebalancing their position, and they are knocking at the door of India. |
