Retail will be growth driver for manufacturing, warehousing: Official

New Delhi, April 29 (IANS) The retail industry will prove to be a huge growth driver for the warehousing as well as manufacturing industries in the future and social media is playing a big role in this, a top government official said here on Friday.

“There is a huge growth in the Indian retail and e-retail sector. The retail industry will prove to be a huge growth driver for the warehousing as well as manufacturing scenario. It is good news as it will help create huge job opportunities for the youth,” said Atul Chaturvedi, joint secretary, department of industrial policy and promotion.

“There is a big role that the social media is playing today where retailers as well as consumers are expressing themselves,” he said at the fifth edition of the Indian Retail Congress 2016 organised by Franchise India that started on Friday.

“Today, customers are changing and because of new technologies, companies are getting better ideas and ways to serve and reach them. They do not care whether their experience is online or offline. It is the product that matters to them,” said Ritu Marya, editor-in-chief, Franchise India.

Talking of trends, Krish Iyer, president and chief executive, Walmart India, said the entire growth strategy will depend on manufacturing in India and that’s where the ‘Make in India’ initiative by the Indian government will come into play.

“Manufacturing’s contribution to 25 percent of the gross domestic product will help us grow and in the process create jobs for one million youth of India. Also the recent policy announcement by the government for the e-commerce marketplace was much required as this helps create a level playing field. Another announcement was the 100 percent foreign direct investment in food marketing which will open the market further,” he added.

–IANS

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