Indian retail Monday received rich compliments from none other than leading Non-Resident Indian (NRI) industrialist Lord Swraj Paul who said they are capable of working very well in a competitive market and the entry of global retail giants would spur Indian retailers.
Speaking in New Delhi, he said ‘’Indians are capable of working very well in a competitive market. There is Wal-Mart in the U.S. there is Wal-Mart in the U.K. There is Tesco too in these countries. Indians have set up retail shops there and have beaten them.”
He suggested that government should leave the Indian business community to take care of itself and concentrate on health, law and education apparently referring to the recent developments in Uttar Pradesh and Kerala where the state governments have not been encouraging the retail sector.
“We can compete with the best. The reason why IT industry has progressed so well is because they did not need the government nor did they know how to control them. So, I have no problem with Wal-Marts or Tesco or anybody. Let’s believe in ourselves.”
“We can compete with the best. The reason why IT industry has progressed so well is because they did not need the government nor did they know how to control them. So, I have no problem with Wal-Marts or Tesco or anybody. Let’s believe in ourselves.”
Quelling apprehensions about the possible danger to traditional, small time domestic retailers due to the entry of MNCs, Lord Paul said,”they are very good. These people will compete. Tell your banks to give them some facilities to improve them. But that’s in their hands, the banks won’t give anything to the poor man, they won’t give anything to the new entrepreneur.”
