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Assocham for phased opening of FDI in retail
NEW DELHI: As global retail chains draw and redraw their plans for India, whose organized retail market is estimated to grow to $23 billion by 2010, Assocham today said FDI in retail should be opened in a phased manner to allow domestic players time to face competition. “Entry of the global retail giants in India should be done in a phased manner to give enough breathing period for domestic retailers to prepare themselves for competition from the likes of Wal-Mart,” the chamber said. Currently, organized retailing is estimated between $7.5billion and $8 billion, but the sector is dosed to foreign multi-brand retailers.
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