Retailers welcome move to ease FDI norms in multi-brand retail
New Delhi: Retailers Thursday welcomed government's move to ease FDI norms in multi-brand retail and said now it is up to the foreign chains to foray into the country's retail sector.
"Government has taken lot of bold steps in order to provide comfort and confidence to foreign retailers to come to the country. Now the ball is in the foreign player's court to enter into the Indian market," Reliance Retail President & Chief Executive (Lifestyle) Bijou Kurien said.
Expressing similar sentiments, Future Group CEO Kishore Biyani said with the easing of FDI norms and clarity over definition of "control", domestic companies can start engaging with overseas companies for partnerships.
"The clarification given by the government on the 'control' definition that one can invest in the downstream companies provided that the management is Indian will allow retailers like us, Future Group, to see some transactions," he said.
Since the government has come out with policy based on the consultations and feedback from the industry, Biyani said more foreign retailers would make an entry into India.
"We expect more FDI to come in the retail sector," he said.
Retailers Association of India CEO Kumar Rajagopalan said apart from these steps, the government now needs to take more proactive steps in inviting foreign retailers in India.
"Policy change is positive step and the government is sending signals that they want to help foreign retailers. The government should start inviting foreign players to set up their business in India," he said.