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Sarkar Confident India’s Retail Revolution Is Set To Take Off
January 20 2012
Toronto: The Canada-India Business Council (C-IBC) sees the recent changes in Indian retail law for foreign companies, as an important development that can benefit companies wanting to expand into India.
India will begin allowing 100 percent ownership for foreign single brand companies in India from the previous 51 percent, which are expected to give a big boost to major brands such as Ikea and Starbucks (which is rumoured to be opening its first café in Mumbai next month, after signing an MOU with Tata Coffee Ltd.). Major companies like Ikea and Starbucks will put a spotlight on India and attract more large Canadian Companies.
Rana Sarkar, President & CEO, Canada-India Business Council points out, “This reform, which requires the use of a smaller Indian Company for at least 30 % procurement, has already shown positive economic potential in India. Pantaloon, one of India’s largest retailers’ stocks soar 10 percent after the announcement was made. The hope is this reform will allow liberalization in the Indian market and potentially revolutionize Indian supply chains and lower consumer prices.”