IRJC

Asia Pacific Journal of Marketing & Management Review

Vol.1 No. 2, October 2012, ISSN 2319-2836

ROLE OF FDI IN RETAILING

MS P.USHA VAIDEHI*; MRS P. ALEKHYA**
*Assistant Professor,
Department of MBA,
CMR College of Engineering and Technology,
Hyderabad.
**Assistant Professor,
Department of MBA,
CMR College of Engineering and Technology,
Hyderabad.

INTRODUCTION
Retail comes from the Old French word tailer (compare modern French retailler), which means
"to cut off, clip, pare, divide" in terms of tailoring (1365). It was first recorded as a noun with the
meaning of a "sale in small quantities" in 1433 (from the Middle French retail, "piece cut off,
shred, scrap, paring").Like the French, the word retail in both Dutch and German (detailhandel
and Einzelhandel, respectively) also refers to the sale of small quantities of items.
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a
department store, boutique or kiosk, or by mall, in small or individual lots for direct consumption
by the purchaser.[1] Retailing may include subordinated services, such as delivery. Purchasers
may be individuals or businesses. In commerce, a "retailer" buys goods or products in large
quantities from manufacturers or importers, either directly or through a wholesaler, and then sells
smaller quantities to the end-user.

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Even though organized retail sector in India is at the infant stage, India has today become a
budding target for FDI. India today offers the most persuasive investment opportunity for mass
merchants and food retailers looking to expand overseas as Indian economy is growing at a rapid
pace with consumers having high purchasing power. With a robust economy experiencing
unrelenting growth, India has exerted a pull and an irresistible enticement to companies looking
to expand their scope of operations. FDI is a sturdy source for the intensification of retailing and
will create enormous opportunities for innovation in retail sector in India but at the same time it
is quite likely that a section of the domestic retailing industry will be severely hurt due to the
entry of foreign retailers. In this paper researchers have tried to accentuate both the thoughts in
detail and concluded the most constructive view on FDI in Indian retailing

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After farming, retailing is Indias major occupation. It employs 40 million people. A sizeable
majority of owner/employees are in the business because of lack of other opportunities. The
decade of liberalisation has so far been one of jobless growth. It is no wonder that retail has
become there fuge of these millions. Lopsided economic development is transforming India from
an agrarian economy directly to a service oriented post-industrial society.

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

FOREIGN RETAILERS HAVE ALREADY STARTED THEIR OPERATIONS IN INDIA

THROUGH
Joint venture where the Indian firm was an export house
franchising (KFC, Nike)
Sourcing from small-scale sector
cash and carry operation (Giant in Hyderabad)
non-store formats- direct marketing (Amway)
REVIEW OF LITERATURE

OBJECTIVES
1. To analyze the present trends in retail industry.
2. To study the impact of FDI in retailing
3. To analyze the benefits and concerns with regard to opening of the retail sector for FDI

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In India, market reform and opening to FDI, along with prospects for 7% yearly growth in retail
sales in a market of 1.2 billion people have generated billions of dollars of planned investment in
supermarkets by local and multi-national firms, including Wal-Mart and Carrefour. Yet
supermarket shares in India are currently very low (around 2%), due to the countrys massive
and complex small retail sector. Supermarkets there face the 20/20/20 challenge: they must grow
their food sales by 20% a year for 20 years just to reach a 20% market share. Such
unprecedented growth would still leave more traditional channels holding 80% of the food
market.

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Retail modernization: Retail modernization in developing countries and its effect on the broader
food system has been a major focus of research since the early 2000s. The most visible banner
for this work has been the supermarket revolution. Supermarkets existed in Latin America
from at least the 1960s1, but began to grow much more rapidly in that region during the
economic boom and opening to Foreign Direct Investment (FDI) of the 1990s. Growth began
later in East/Southeast Asia and Central Europe, followed by selected countries of Africa
(Reardon et al, 2004). This growth, together with new procurement practices that the firms work
to apply, has lead to a rash of studies attempting to document and anticipate the impacts of these
firms on existing actors in the food system, and to draw policy implications for governments and
donors

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

EMERGING TRENDS IN RETAILING

YEAR

TREND

CHARACTERISTICS

1986

The foot
soldiers

FMCG companies had started to build robust chains. With 1,275 depots,
Brooke Bonds large field force was part of a unique cash-based direct
selling system. Coupled with the Hindustan Lever network, it had Indias
largest retail distribution chain.

1999

The Big
Push

The big players in Indian industry wanted a slice of the retail pie the
Tatas, Piramal Enterprises, ITC and S Kumars. Piramal Enterprises
chairman Ajay Piramal who setup Crossroads, a 150,000-sq. ft mall in
south Mumbai has since exited the business

2000s

The Mall
Bug

Suburbs in Delhi and Mumbai saw multiple malls of average size

250,000 sq. ft spring up. Tier-2 cities followed suit and retail-only real
estate companies came up. About 600 malls were to come up by the end
of the decade, from 20 in 2004. The retail formats, too, underwent big
changes.

2001

SecondMovers

Competition began in full earnest. While it took Shoppers Stop over

eight years to become one of the largest department store chains in India,
Westside grew to about half its size within just two years of starting off..
While almost 75 per cent of Shoppers Stop sales came from brands
supplied by other producers, 95 per cent of West sides sales came from
its own in-store brands.

2004

Size
Matters

For all the hype, through the 1990s, organised retail in India added just 1
million sq. ft of space a year. In 2003 alone, 10 million sq. ft was picked
up by retailers. The growth continued. In 2004, at least 50 new malls
of 100,000 sq. ft size and above were slated to open.

2005

More Of
The Same

Urban organised retail was getting crowded. To be different, a few

specialty malls cropped up. While some focused on luxury brands, others
went for gold, jewellery, furniture, and even weddings. But these were
just a minuscule part of the big pie.

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Sachet
Selling in rural India was near impossible. Affordability, size, packaging,
Revolution distribution everything had to be different. The answer came along in
the mid-1990s in the form of sachets 20 ml plastic pouches. With this,
FMCG companies rapidly ramped up their rural plans.

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1990s

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Green
Evolution

Reliance Industries (RIL), Aditya Birla Group, the Mittals of telecom

fame, Pantaloon Retail and RPG Group as well as a host of smaller
players jumped into retailing of fresh vegetables, fruits and groceries.
And with good reason. Of the retail pie that was worth Rs 12 lakh crore
in 2006, 63 per cent was food and groceries alone.

2009

Shutters
Down

Chennai-based value retailer Subhiksha Trading Services went neckdeep in Rs 600 crore of debt (plus Rs 180 crore raised internally as
shareholders funds). It could not pay vendors, and employees. By 2009,
it had no money to run its operations, senior staff was deserting, many
stores were reportedly looted, and there was a demand for the
government to initiate an independent audit of its accounts.

2010

Foreign
Hand

Big retail was at the doorstep, waiting for the still elusive green signal to
foreign investment. Two years after it entered India, in partnership with
Bharti, Wal-Mart was perfecting its back-end system at its five stores in
India (three in Punjab, and one each in Rajasthan and Madhya Pradesh).
The rules allowed Wal-Mart only to operate in the cash-and-carry
segment. But in every other country, it sold directly to consumers. It had
plans to invest Rs 500 crore more in the next five years to open 12
similar stores if the retail FDI rules did not change that is. And change
they did

2011

The Gates
Open

The government has now given its nod to increased FDI in retail 51
per cent in multi-brand, and 100 per cent in single-brand retail. Easier
said than done. Political consensus is missing. As we go to press,
Parliament has been stalled on the issue for the seventh day.

Source: This story was published in Business world Issue Dated 12-12-2011
GROWTH OF INDIAN RETAIL INDUSTRY IN THE LAST DECADE
Last decade has indeed witnessed tremendous growth in Indian retail industry and has integrated
our Indian economy with the world. Retailing in India is progressively inching its way
toward becoming the next boom industry. It has emerged as one of the most dynamic and fast
paced industries accounting for over 10 per cent of the country's GDP. This growth has become
major attraction for foreigners to enter in India.
The challenge to the retail on the other hand is the requirement of heavy initial investments
which leads to difficulty in achieving break even and this is the reason that many of these players

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2007

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Asia Pacific Journal of Marketing & Management Review

Vol.1 No. 2, October 2012, ISSN 2319-2836

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

have not tasted success so far. However, the growing trend of the market, changes in the lifestyle
of consumer segment, increasing per capita income and emerging technologies in operations still
promises success in the long run with achievement of economies of scale. India is the fourth
largest economy as far as purchasing power is concerned just behind, USA, Japan and China.
Even though 25% of the population lives below poverty line, India has a large and growing
middle-income group of over 300 million, making it a strong emerging market.
IMPACT OF FDI IN INDIAN RETAIL TRADE
India is in the midst of a retail boom. The sector witnessed significant transformation in the past
decade from small-unorganized family-owned retail formats to organized retailing. Indian
business houses and manufacturers are setting up retail formats while real estate companies and
venture capitalist are investing in retail infrastructure. Many international brands have entered
the market. With the growth in organized retailing, unorganized retailers are fast changing their
business models. However, retailing is one of the few sectors where foreign direct investment
(FDI) is not allowed at present.
FDI IN RETAIL INDUSTRY
FDI in retail industry means that foreign companies in certain categories can sell products
through their own retail shop in the country. At present, foreign direct investment (FDI) in pure
retailing is not permitted under Indian law. Government of India has allowed FDI in retail of
specific brand of products. Following this, foreign companies in certain categories can sell
products through their own retail shops in the country.

FDI in retail trade has forced the wholesalers and food processors to improve, raised exports, and
triggered growth by outsourcing supplies domestically. The availability of standardized products
has also boosted tourism in these countries. FDI in retail sector has been a key driver of
productivity growth in Brazil, Poland and Thailand. This has resulted in lower prices to the
consumer, more consumption and higher profit for the producer

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Organized retailers in India are opposing the entry of MNCs in retail trading because of their
predatory pricing strategy that wipes out competition, when the Government decides to allow
foreign players to enter the retail space, it should first restrict them to lifestyle products segment
before permitting them to spread their wings into other areas like grocery marketing that has a
direct impact on `kirana stores'.

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It is a very positive step and it will encourage international brands to set up shop in India. On the
other hand, this will also lead to competition among Indian players. It will be the consumers who
stand to gain,'' This would not change the market dynamics immediately as it will take some time
for these plans to fructify. The growing dominance of multinational companies in the country's
$200 billion retail business, had warned that any move to increase FDI in the retail sector would
ruin the business of small and medium traders scattered over the country

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

There are three different forms through which retail trade is carried out in India, namely:
Mono/Exclusive/Single Brand Retail Shops

Multi-branded Retail Shops

Exclusive Showrooms either owned or franchised

out by the manufacturer. A complete range of all the
products manufactured by the said manufacturer
under one brand name

In these kinds of stores, almost all

brands are available for a single
product Type. The customer has a very
wide choice for the kind of product he
is willing to buy.

The focus is on the brand Name.

The focus is on the nature of Product.

e.g.: Exclusive showroom / franchise outlets of Nike,

Liberty, Samsung, Nokia, etc

e.g.: Max, Shoppers Stop, Croma, etc.

CURRENT FDI POLICY IN RESPECT OF RETAIL SECTOR IN INDIA

Keeping in mind the 'welfare' motive, India has kept the retail sector closed for the foreign
investors in order to protect the interest of the 15 million small retail store-owners. Currently, the
foreign investor can make investments as per following guidelines:
FDI up to 100% for cash and carry wholesale trading and export trading allowed under
the automatic route.
FDI up to 51% with prior Government approval for retail trade of Single Brand
products.(now 100% allowed vide notification dated 11/Jan/2012).
FDI is not permitted in Multi Brand Retailing in India

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AVAILABLE ROUTES FOR FOREIGN PLAYERS TO ENTER THE RETAIL SECTOR

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

FOREIGN DIRECT INVESTMENT - IMPACT AND ANALYSIS

Market liberalization, a growing middle-class, and increasingly assertive consumers are sowing
the seeds for a retail transformation that will bring more Indian and multinational players on the
scene. The big Indian retail players looking to expand their operations include Shopper's Stop,
Pantaloon, Lifestyle, Subhiksha, Food World, Vivek's, Nilgiris,Ebony, Crosswords, Globus,
Barista, Qwiky's, Caf Coffee Day, Wills Lifestyle, Raymond, Titan, Bata and Westside. Wellestablished business houses such as Wadia, Godrej, Tata, Hero, Malhotras, etc., are drawing up
plans to enter the fast-growing organized retail market in India. According to reports, Reliance
Industries Ltd plans to enter the retail business in a big way and has identified 18 cities, starting
with Ahmadabad, to set up malls. It will spend Rs 30-50 crore on each mall, which are to be
modelled after those in Dubai and East Asia. The international players currently in India include
McDonald's, Pizza Hut, Dominos, Levis, Lee, Nike, Adidas, TGIF, Benetton, Swarovski, Sony,
Sharp, Kodak, and the Medicine Shoppe. Global players are entering India indirectly, via the
licensee/franchisee route, since Foreign Direct Investment (FDI) is not allowed in the sector.
Despite all these developments, the organized retail business still comprises a small proportion of
the total size of the Rs 9, 00, 00-crore ($200 billion) retail sector. Retail business growing at 5-6
per cent per annum. The size of organized retailing was estimated around Rs 26,000 crore in
2004, about three per cent of the total. However, it is now set to grow at 25-30 per cent per
annum.
In developed countries, organized retailing makes for over 70 per cent of the total business.
Recently, the Government announced its intention to open up the retail sector to foreign
investment. It is still, however, debating whether to allow 26 per cent or 49 per cent FDI in the
sector.
THE LIBERALIZATION OF FDI IN RETAIL WILL LEAD TO INCREASED FDI
INFLOWS IN THE FOLLOWING BUCKETS

Global single brand players who did not want to enter into India earlier because of 51%
cap prescribed for single brand retail should be interested in investing into India.
Foreign investment in already existing large and medium Indian retailers to address their
funding needs.

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Hike in the limit for FDI in single brand joint venture, will enable foreign investors to
increase their stake in the existing ventures where the Indian joint venture partner are
unable to further capitalize the ventures keeping their 49 percent stake in perspective.

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Foreign investors who earlier wanted to foray only in multi-brand 'retail' and not the
watered down avatar of' wholesale cash and carry 'will now be keen to enter India.

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

THE RATIONALE ADOPTED BY THE GOVERNMENT OF INDIA FOR OPENING UP

OF THE RETAIL SECTOR FOR FOREIGN INVESTMENTS IS AS FOLLOWS
Although, India is the second largest producer of fruits and vegetables, India lacks an
integrated cold-chain infrastructure and storage facilities. Inefficient supply chain
infrastructure is evident from the fact that 35-40% of the fruits and vegetables and nearly
10% of food grains in India are wasted.
100% permitted FDI in cold-chain storage has failed to attract desired foreign investment,
in the absence of FDI in front-end retail, leading to losses to farmers in terms of higher
prices; wastage of quality and quantity of produce.
The opening of FDI in retail with the condition of 50% mandatory investment in backend
infrastructure should help in overcoming the above supply chain inefficiencies. Back-end
infrastructure will include activities, like processing, manufacturing, distribution, design
improvement, quality control, packaging, logistics, storage, ware-house, agriculture market
produce infrastructure etc. Expenditure on land cost and rentals, if any, will not be counted for
purposes of backend infrastructure.

Amongst other benefits, the opening up of multi-brand retail will have positive impact on the
overall economic growth owing to increased employment opportunities; increased demand of
real estate; better infrastructure; reduction in prices of the final product; fair remuneration to the
farmers.
The Government has also adopted a cautious approach, while opening up FDI in retail to foreign
investors. The same is evident from the fact that FDI in multi-brand retail is being opened in 53
cities only with population of 1 million. Accordingly, for the rest of the country the current FDI
regulations of 100% FDI only in wholesale cash and carry would prevail. Additionally, the press
release issued by the Government also stipulates a mandatory 30% procurement of manufactured

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Numerous concerns have been articulated with regard to opening of the retail sector for FDI. It
has been debated that opening of the sector to overseas big-ticket players would lead to
inequitable competition resulting exit of domestic retailers, leading to large scale displacement of
persons employed in the retail sector. One should not forget that even kirana stores are today
confronted with high transaction cost due to lack of efficient supply chain management. It is
pertinent to note that opening up of FDI in multi brand retail in other countries, has not only
resulted in substantial growth in organized retail industry, but also seen an increase in the
number of smaller unorganized sector stores.

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Currently, illiteracy at farm level and outdated means of production and lack of required
infrastructure has also contributed to shorter shelf life of the product and increased wastages.
Global retailers are expected to bring in advanced technology; know-how and years of
experience which should go a long way in addressing these inconsistencies. It is expected that
the investments in supply chain by such global retailers should help in taming inflation currently
prevailing in the Indian economy.

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Asia Pacific Journal of Marketing & Management Review
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/ processed products from SMEs in respect to multi-brand and single brand proposal involving
FDI beyond 51%.
IMPACT IF THERE IS RELAXATION OF FDI POLICY IN RETAIL
SINGLE BRAND This is a welcome step. FDI investment in single brand retailing till
now has just been 0.03% [Rs 204 cr / usd 44 mn] of total FDI investments from April
2000 to September 2011. This relaxation is likely to result in increase in FDI in retail
sector, by way of either new foreign entrants, or buy outs / increase in stake / M&A
amongst existing single brand JVs with foreign partners. We could also potentially see
present licensing / distributor / franchise arrangements being converted to either JVs with
respective foreign retailer / brands, or, foreign retailers completely buying out the Indian
licensee / franchisee / distributor.
MULTI BRAND This is a welcome and historic step. This is likely to result in increase
in investments and growth in Indian retail sector, which is ranked amongst the top retail
destinations in the world. Besides new entrants / joint ventures, this could also result in
combination of existing cash and carry operations of foreign players with retail
operations of Indian retailers, or, foreign retailer acquiring stakes in existing Indian retail
entity. Also, this could provide further options to existing Indian retail chains / groups to
raise long term capital for expansion and maybe to attract partnerships with some global
players. Also, foreign multi brand retailers, who did not want to enter India through cash
and carry operations, may now explore Indian presence by having stake in Indian retail
company

Draw backs of FDI in retail

Inflow of investment and funds.

Would give rise to cut-throat competition

rather than promoting incremental business

Improvement in the quality of employment

Promoting cartels and creating monopoly

Generating more employment.

Increase in the real estate price

Provide better value to end consumers

Marginalize domestic entrepreneurs

Investments and improvement in the supply The financial strength of foreign players would
displace the unorganized players.
chains and warehousing
Franchising
opportunities
entrepreneurs.

for

local Absence of proper regulatory guidelines would

induce unfair trade practices like Predatory
pricing.

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Benefits of FDI in Retail

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THE BENEFITS AND CONCERNS WITH REGARD TO OPENING OF THE RETAIL

SECTOR FOR FDI

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Asia Pacific Journal of Marketing & Management Review
Vol.1 No. 2, October 2012, ISSN 2319-2836

Growth of infrastructure.
Increased efficiency.
Cost reduction
Implementation of IT in retail.
Stimulate infant industries
supporting industries

and

other

BENEFITS OF FDI
FDI in the retail sector could bring various benefits for the country, such as:
Improvement in the supply chain infrastructure by bringing in technical know-how and
capital. FDI can be a powerful catalyst to spur competition in the retail industry. It can
bring about an improvement in the supply chain infrastructure, investment in technology,
up-gradation in agriculture, manpower and skill development and may also lead to an
improvement in the overall productivity
Improvement in farmer income through the removal of structural inefficiencies. Farmers
were found to benefit significantly from the option of direct sales to organized retailers.
For instance, the profit realization for farmers selling directly to the organized retailers is
expected to be much higher than that received from selling in the mandis.

To achieve expected growth in Indian GDP by encouraging export India is targeting for
its GDP to grow by 8 to 10 per cent per year. This requires raising the rate of investment
as well as generating demand for the increased goods and services produced. Growth in
Indian GDP and Retail trade.
To acquire market-savvy, market-intelligent and best management practices Retail giant
houses such as Wal-Mart, Carrefour, A hold, JC Penny can bring their better managerial
practices and IT-friendly techniques to cut wastage and set up integrated supply chains to
gradually replace the presented disorganised and fragmented retail market. India wastes
nearly Rs 50,000 crore in the food chain itself. These international retail outlets can help

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FDI may help address social concerns by acting as a tool to alleviate poverty especially
as most MNEs take an interest in furthering social cohesion and labour standards. There
are, however, some examples, in specific countries and sectors, of the opposite effect.

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Benefits to customers in the form of better quality of products and lower prices. Past
trends indicate that by and large consumers have benefited from organized retail in the
domestic market.

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Asia Pacific Journal of Marketing & Management Review
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develop the food processing industry which requires $28 billion of modern technology
and infrastructure. Lack of latest technical expertise, is a major handicap for Indian
business houses. Foreign direct investment can only pave the want for prosper and
professional entrepreneurship for retail value chain.
CONCERNS
Major concerns which have been expressed with regard to opening of the retail sector for FDI:
MAY LEAD TO UNEMPLOYMENT - The retail sector in India is the second largest
employer after agriculture. In 2007- 08, retail trade employed 7.2 percent7 of total
workers and provided job opportunities to 33.1 million persons8. It may also lead to
unfair competition and ultimately result in large-scale exit of domestic retailers,
especially the small family managed outlets, leading to large scale displacement of
persons employed in the retail sector
Threat to the organized retail sector players in the domestic sector The Indian retail
sector, particularly organized retail, is still underdeveloped and in a nascent stage and
therefore it is important that the domestic retail sector is allowed to grow and consolidate
first, before opening this sector to foreign investors.
FDI tends to act as a catalyst for underlying strengths and weaknesses in the host
economy, bringing to the fore both its advantages and its problems.
FDI-induced economic change may produce some adverse distributional and employment
effects in the host country. Both categories of problems should be temporary, but they
can be prolonged and aggravated in the absence of appropriate policy responses

The product categories where it can create total threat, FDI should be encouraged in the
form of Joint Venture only e. g. India is enjoying strong agriculture base. Encouragement
to food grocery retail would create a threat to Indian agriculture but our poor supply
chain demands end to end distribution network to reduce gate prices. For that there is a
need of global established giant. So FDI should be allowed but in the form of joint
venture to protect our interest part.
FDI should not be encouraged in the product categories where Indian players are already
established and FDI is only detrimental. E.g. Cosmetic products do not need FDI because
entry of foreign players would replace Indian established brands with

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The above analysis shows that FDI has positive and negative effects on India economy. It can be
concluded that to keep pace with the forecast of Indian GDP, government should encourage
foreign investment. To avoid its negative impact on local players regulatory framework
should be redesigned. Government should encourage FDI on gradual basis like currently it is
allowed for single brand. Product category wise clauses should be developed to allow FDI like

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CONCLUSION

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international brands. It would be a direct threat to our big giants HUL, P&G, Johnson &
Johnson who are consistently providing qualitative products to consumers in all ranges.
But craze of international brand will induce consumers to switch to foreign brands.
For some categories of products FDI should be permitted for sourcing only not selling in
Indian market. E.g. India needs support to increase the market share of its Textile
products where it has capacity to produce at the lowest rates. Encouragement to textile
export can tremendously contribute towards development of our textile sector. Foreigners
would get attracted due to lower prices. Thus FDI should be allowed to source or import
from India not to sale in India.
Entry of foreign players should be restricted by the format type and number of stores.
E.g. Wal mart store has its different format like Super centers, Discount departmental
store etc. with the help of different formats it has successfully covered almost all the
locations of the city or country in which it has started its operations. Presence of such
giants at all the location can stop the local business. Indian organized retail players are
able to develop maximum number of supermarkets not hypermarkets because of heavy
investment. So foreign players should be allowed with limited number of stores only. In
nutshell FDI should be encouraged with strict, feasible and mutually beneficial
regulations.
REFERENCES
http://www.indiafdiwatch.org/fileadmin/India_site/10-FDI-Retail-more-bad.pdf
http://www.legalindia.in/foreign-direct-investment-in-indian-retail-sector-%E2%80%93-ananalysis
http://www.cci.in/pdf/surveys_reports/indias_retail_sector.pdf
www.livemint.com

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Mint news paper

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