FDI in retail can create about 80 lakh jobs:Experts
"Retail industry had been waiting for FDI clearance from the government for a long time. The decision to raise FDI limits (in single brand retail) will act as a life saving drug and is a big boost to the industry," executive search firm GlobalHunt Director Sunil Goel said.
"If all goes well across the level, the country should be able to create 60-80 lakhs jobs," Goel added.
Some experts refrained from quantifying the number of job opportunities due to opening up of the retail sector as the details such as the number of how players who will come in, is not clear. But they were unanimous on the fact that there will be "substantial" job creation.
"If FDI in retail is implemented a lot of organised players will be coming in. We would see increase in employment opportunities in the retail sector and associated sectors such as sourcing and logistics," staffing solutions provider TeamLease Services Managing Director Ashok Reddy said.
Ma Foi Randstad`s MD and CEO E Balaji also believes FDI in retail will give a big boost to hiring activity in India in retail and associated sectors. "After FDI in retail is implemented, a lot of MNC companies will come and bring with them their own practices and their own policies and all of them will be big scale players," Balaji said.
He cited the example of US-based Walmart, which alone employees close to 1.8 million people. The Centre has decided to put on hold the controversial decision on FDI in retail sector, in an apparent bid to break the Parliament logjam.