Indian retail industry its growth challenges

It has a large geographic and functional coverage.

Indian retail industry its growth challenges

The country aims to become a higher middle-income country by and that calls for even faster growth in the years to come. With new government in place this year, India currently stands at the threshold of a unique opportunity regarding governance reforms.

Governance is central to equitable socio-economic progress and political legitimacy.

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Good governance runs on four wheels: Governance in India has always been a critical issue for the governments since Indian retail industry its growth challenges. Neither the soviet style socialist path nor the free-market western capitalist economy appeared the best answer for the country.

Indian retail industry its growth challenges

It strives to craft a unique blend of its own socio-economic policies that would leverage its unique strengths and catapult it to centre-stage of the global economy. Government machineries at all level need to be strengthened.

But mindset is changing as the government at the Centre has made it clear not only to its own wings but even to States that this chaos has to go with better use of information and communication technology. Some of the organisations have successfully transformed their way of functioning and service delivery system with the help of modern technology.

The quality and effectiveness of service delivery today is directly linked to good governance practices and use of modern technology, especially ICT. It is widely accepted that governance should be citizen-centric and we need alertness and responsiveness in every aspect of governance.

Modern technology is increasingly in demand at the government departments and organisations across the country, either due to the increasing pressure from the public or on the initiatives of bureaucrats and elected representatives.

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Corruption and sustainable economic development are key problems in India. But, as a vibrant democracy, India has a distinct advantage as it has an accountable government that is subject to transparent surveillance on multiple fronts, democratically elected legislatures, an independent judiciary and evolving regulatory watchdogs.

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The Right to Information Bill was passed in in an effort to improve governance and public administration and eliminate corruption. By transferring functions, fund and functionaries 3Fsefforts are being made to transform the lives of people.

Increased financial autonomy was supposed to be the game changer but we are still far behind from our cherished goals. Administration at various levels is still weak and the poor still suffer the most. Accountability, access to information, political will for real devolution of powers at all levels would only make the desired change and would lead to good governance.

Prime Minister Narendra Modi says, "one of the biggest benefits of good governance is that it does not look at welfare of any particular section of the people; it results in welfare of all.

Indian retail industry its growth challenges

For example, if you improve water supply, everyone benefits. Technology and innovation are the backbone of governance. Technology also plays a large role in creating and maintaining transparency.

Reducing public expenditure is yet another critical area. The government spends huge amount wages, pensions, interest payments, and agricultural subsidies and social sector schemes.

Good governance calls for drastic reduction in wasteful public expenditure.

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Rational and inclusive growth oriented expenditure would lead us to a higher stage of advancement. A long-established legal system has given India the underpinnings necessary for free enterprise to flourish.

Property rights are not fully secure, but the rule of law generally prevails. High and inclusive growth is entwined with good governance and the Modi government is making efforts to take to it to the next level.

Good leadership is the basic ingredient of governance. Quality leadership must be available at every level. The government must be policy-driven.

If governance is policy driven, those who have to execute those policies will be clear in their mind as to their functions, and responsibility and accountability will follow.

When decisions are taken, the nation moves forward.

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The country is maintaining a balance with regard to bilateral relations with the United States and Russia.The economy of India is a developing mixed economy. The long-term growth prospective of the Indian economy is positive due to its young population, corresponding low dependency ratio, The retail industry, excluding wholesale, contributed $ billion (22% of GDP) and employed million people (57% of the workforce) in The growth of the Indian logistics sector depends upon its soft infrastructure like education, training and policy framework as much as the hard infrastructure.

To support India’s fast paced economy growth of logistics industry is very essential. It also highlights the challenges faced by the industry in near regardbouddhiste.com Retail Industry.

It explores the role of the Government of India in the industry’s growth and the need for further reforms. 10 11 Industrial/Retail warehousing has a market size of ~INR billion in FY13, and it has been growing at a CAGR of 10%–12% over the last few years. • To comprehend the trends in the Indian retail industry • To study the challenges of a low pricing model in the competitive Indian retail sector.

Industry Retail Industry Reference No. COMC Year of Pub. Teaching Note Available regardbouddhiste.com Available Keywords. PwC Consulting Strategy Industry Trends Retail Trends By Nick Hodson, Christopher Perrigo, and Douglas Hardman For some retail sectors, showrooms may provide an attractive combination of consumer experience and compelling economics.

Challenges before Indian Retail Industry | Economy Watch