India's retail sector is vital for the economy and employment generation and it is time to elevate the position of the sector to an "industry", Walmart India President and CEO Krish Iyer said here on Wednesday.
Iyer who was speaking at the CII Retail Conclave added that through structural reforms like Goods and Services Tax (GST), Insolvency and Bankruptcy Code and public spending on infrastructure had made India an attractive destination. "With the implementation of GST, India has become a borderless nation" said Iyer.
Regarding the potential the sector holds, he said India needs to create a million jobs every month for the next three years to ensure that all of its young members are fully employed and retail has the ability to create that job growth.
Speaking at the event, Atul Chaturvedi, Additional Secretary, Department of Industrial Policy & Promotion, Ministry of Commerce & Industry, underlined the employment generation potential of retail sector which can generate upto 56 million jobs by 2020 and contributes around 10 per cent to the GDP.
He shared how DIPP has been involved in implementing reforms that will bring growth and there is a positive shift in how the government is now looking at the foreign retailers. A more liberalised approach is now being followed in infusing growth in sector.