29 July, 2014 18:14 IST
News
Need of about Rs 640 bn investment for strong backend infra: RV Kanoria
Source: IRIS (20-NOV-12)
Comments  |  Post Comment

Backing FDI in multi-brand retail, FICCI president RV Kanoria today said about Rs 640 billion is required to build a strong backend infrastructure like cold storages to reduce wastage in agriculture items.

Kanoria was speaking at an interactive meeting here on the issue of concerns of retail stakeholders like small kirana stores, farmers and consumers.

Lack of adequate storage facilities causes heavy losses to farmers in terms of wastages in quality and quantity of produce in general and of fruits and vegetables in particular, Kanoria said, adding it also leads to high rate of inflation.

''Huge investment of almost Rs 640 billion is required to build a strong backend infrastructure in India. Thus, FDI in retail would help in addressing this issue with compulsory investment of 50% in backend,'' he said in a statement.

He also said investments in the retail sector will see gainful employment opportunities in processing, sorting, marketing and logistic management due to the decision.

According to estimates, about 4 million jobs will be created in the front-end alone in the next five years.

Speaking on the occasion, Raghav Gupta, principal, Booz & Co. said FDI in retail can potentially add 1.5 million jobs by 2016.

FICCI Secretary General Didar Singh said India's retail sector is expected to see significant growth in coming years.

''Within this, organised retail is expected to grow rapidly, further accelerated by the recent opening up of FDI. At the same time, unorganised sector will also see a reasonable growth,'' Singh said.


Live News
Exlservice Q2 profit falls, but adjusted EPS beats forecast - 29-Jul-2014 17:52
Silicon Labs Q2 profit climbs, beats forecast - 29-Jul-2014 17:50
CBIZ Q2 earnings plunge, but adjusted EPS beats estimate - 29-Jul-2014 17:45
Carbonite reports wider-than-expected loss in Q2 - 29-Jul-2014 17:31
Bharti Airtel consolidated Q1 profit jumps 61% - 29-Jul-2014 16:50
Biogen Idec Q2 profit jumps, beats estimate - 29-Jul-2014 16:11
Terex Q2 earnings grow more than seven-fold - 29-Jul-2014 16:02
NVE Corp Q1 profit jumps on strong sales, margins - 29-Jul-2014 15:49
Monotype Imaging Q2 profit rise meets expectations - 29-Jul-2014 15:25
NTELOS Q2 profit plummets on higher expenses - 29-Jul-2014 15:07
Tyson Foods Q3 profit rises, but misses estimate - 29-Jul-2014 14:46
more...
* Q - Quote , N - News , C - Chart , F - Financials
Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type   7qkrh3 into this box
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Forums  |   E-mail  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer