Retail today demands partnering of traditional stores, popularly known as kiranas, with modern outlets. India also needs to develop its own formula in retail, not a strategy that’s a copy of the West, said Subodh Kant Sahai, Union minister for food processing industries. Sahai was inaugurating the National Retail Summit 2010 — ‘Modern Retail: Towards Sustainable Growth and Profitability’ — organised by the Confederation of Indian Industry (CII), in Mumbai.
“We have to have an Indian formula. India’s retail strategy cannot be like that of America. And in evolving this inclusive approach, I stand by you one-hundred per cent,” he added.
“Retail cannot sell without processed food. This is when 70 per cent of our population is involved in agriculture. Retail is the largest employment chain and largest showcase for farmer-produced food,” said Sahai.
Market research company IMRB’s India Consumer Confidence Report 2009 was also released during the meet. A number of panelists from retail and related sectors participated in discussions regarding the achievement of sustainable growth and profitability in retail. The summit concluded with a ‘CEOs’ Power Session on Retailing 2012’.
Retail business leaders highlighted the importance of the sector in sustaining an annual 8-9 per cent economic growth