A cohesive National Retail Policy can help in generating 30 lakh jobs by the year 2024, according to a report by CII and Kearney.
The report noted that an investment of Rs 6,500 crore in retail-related infrastructure, including warehousing and cold-storage facilities, can create 2-3 lakh more jobs by 2024, it said.
It noted that retail investments can have a cascading effect, creating value for all stakeholders with job creation, upskilling, and improved labour productivity, value chain modernisation and an improved consumer experience.
“By implementing a cohesive National Retail Policy, the government can fuel the retail sector’s growth, which can generate up to 30 lakh more jobs 2024, in addition to creating indirect employment opportunities in associated sectors,” it said.
It further said that the retail sector is also one of the largest employers of women, which account for 25-30 percent of the workforce. Women-centric policy tweaks can increase this share to 35 percent or more.
It noted that the government can act as a catalyst by rolling out a cohesive model retail policy to reinvigorate the sector and unlock next phase of growth.
“A National Retail Policy is needed to streamline approvals and compliance mechanisms, improve access to capital, enable technology led modernization, bridge infrastructure gaps in retail and increase labour participation and productivity. These will bring back five to seven lakh retailers who have shut shop, back into business, generate 30 lakh more employment and drive 2 percent incremental GDP growth,” said Subhendu Roy, Partner, Kearney.
Shashwat Goenka, Chairman, CII National Committee on Retail & Sector said: “A National Retail Policy needs to be rolled out with immediate effect that brings all forms of retail under one umbrella. There are four crucial areas that the policy needs to pay attention to, ease of doing business, modernisation and adoption of technology, access to capital and employee upskilling.”
The Retailers Association of India (RAI) has had detailed discussions with its members and a comprehensive set of suggestions have been submitted to the Central Government for the Union Budget 2021. Apart from various Direct and Indirect Taxes (GST) recommendations, RAI has submitted a suggestion for the Government to consider – Accelerate the formulation and implementation of the National Retail Policy to boost the retail sector and facilitate ease of doing business.