IndiaRetailBiz

Sunil Bharti Mittal, while inaugurating his term as President of Confederation of Indian Industry (CII) pitched in to defend the role of modern (organised) retail in the country. He was addressing soon after assuming charge of the elite club of industrialists.

Sunil Mittal, who is also the Chairman and CEO of Bharti Enterprises, has a few months ago signed an MOU with the world’s biggest retailer Wal-Mart, for joint foray into the country’s booming retail sector.

“Retail industry in the country will grow to $500 billion in the next 10 years from the existing $300 billion, while organised retail would only account for $100 billion, so the unorganised sector would also witness growth,” he said allaying the fears of small trade.

International evidence suggests that mom-and-pop stores (small traditional kirana traders) do not get wiped out because of the presence of large stores. Despite the presence of Wal-Mart, the number of mom-and-pop stores in the US increased by 2 percent, he added.

Putting apprehensions of job loss, on account of the entry of organised retail, to rest, he averred that new format of retail apart from other duties would require a lot of people for packing, labelling, and managing customers in stores.

Among others, he also spoke about the industry’s take on CEO salaries, SEZ policy, affirmative action, infrastructure, PPP, development, and deregulation of energy, mining and food processing sectors.