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'Cohesive retail policy can help create 30L jobs'
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SME Times News Bureau | 24 Nov, 2020
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 per cent of the workforce.
Women-centric policy tweaks can increase this share to 35 per cent 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 per
cent 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."
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