“One step away from being India’s most radical step in the development of the retail industry, the acceptance of 51% FDI in multi-brand retail by the Lok Sabha is a major morale booster. It reflects the government’s commitment towards the retail industry. The bill, when implemented, will help the retail industry take a quantum leap towards the next phase of growth and development. More organization in the industry will mean better structuring and fairer compensation to all stakeholders. The passing of the bill will also set up India’s image internationally, as a safe and secure retail destination for global brands to enter and expand.
Within the next 12-24 months, international retailers will accelerate their entry strategy. As a result, developers involved in shopping centre development, will also get a tremendous boost and we will witness serious players expanding in this space. Over the medium to long term, the retail sector, real estate industry and the end-consumers will benefit from the move and the economy on the whole will gain momentum, depth and size.”
Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield