Union Minister of Commerce & Industry, Mr. Kamal Nath releases India Retail Report 2007

While terming the India's retail sector as the sunrise sector, the Commerce Minister, Mr. Kamal Nath on 9th January 2007 said that the value of this sector by 2010 would be USD 45 billion (Rs. 2,00,000 Cr). And it will generate 10-15 million jobs over the next five years, he added.

Mr. Nath also released the India Retail Report 2007 and launched the portal www.indiaretailing.com at a function on 9^th January 2007.

As per the Report, the organized retail has the potential to generate some 2.5 million direct jobs through retail operation and over at least 10 million additional jobs in retail support activities, including contract production and processing, supply chain and logistics, retail real estate development and management.

Stating that the retail sector is undergoing a revolution, Mr. Nath said that the phenomenal increase was stemming from the growing purchasing power of the people, which had led to a significant growth in the demand for a variety of goods, both consumables and durables. Apart from consumers, farmers will also benefit from the retail expansion, he said, citing the examples of several states which were allowing retailers direct access to farm produce, introducing a new revolution in rural India. “After centuries of economic exploitation, they are today dealing directly with companies without the involvement of middlemen or intermediaries…. Organized retailing is thus set to boost infrastructure growth and create efficient backward linkages. In the process, the sector will also create efficiencies, reducing marketing cost, wastages and redundancies”, he added.