They says that multinational retailers setting up shops in the country are not aware of local manufacturing acumen and we need to showcase it, which is a win-win deal
Thirty per cent compulsory local sourcing in Foreign Direct Investment (FDI) in retail is a huge opportunity the local retailers and manufacturers are missing, said, experts. They said that multinational retailers setting up shops in the country are not aware of local manufacturing acumen and we need to showcase it, which is a win-win deal.
"First of all, retailers and small-time manufacturers are not aware of compulsory local sourcing for FDI in retail. Companies like Ikea will need local suppliers. They are concerned whether they will get any. They will grab every opportunity for local sourcing, that complies to their standards. Indian manufacturers already supply to premium global brands so that is not a concern. We need to have a common platform. Hope this shopping festival provides it," said Anil Talreja, a partner at Deloitte Haskins & Sells LLP on the sidelines of a seminar on 'Retail Trade and Services: Opportunities in Gujarat' at Ahmedabad Management Association (AMA) on Monday.
The seminar was as a part of upcoming Ahmedabad Shopping Festival to be organised along with Vibrant Gujarat Summit next January. The 16-day shopping festival will begin on January 11. 'Ikea will invest Rs 3,000 crore in Gujarat. It will need local suppliers. For those who get selected, it will be a golden opportunity," said Talreja.
Jayendra Tanna, president of Gujarat Traders Federation said that with consumer choice shifting towards e-commerce, it is high time to ensure that traditional neighbourhood shops are given a level playing field in terms of online presence, logistics, necessary management tools and access to quality finance. Close to 20,000 retailers from sectors like garments, jewellery, electronic goods, consumer goods, FMCG, food, beauty treatment and grooming as well as others are expected to offer discounts and scheme to woo buyers during the festival.
WIN-WIN
Experts said that multinational retailers setting up shops in the country are not aware of local manufacturing acumen and we need to showcase it, which is a win-win deal.
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