The latest outcomes with the CII Partnership Summit have born fruit for the new Andhra Pradesh. Retail Trade Policy was clearly one of the main agendas from the Chief Minister, Sri N Chandrababu Naidu, at the summit. There is a clear cut vision for the new sunrise state in the retail sector, with AP deigning to become one of the prime retail hubs of India in the future.
Mr Naidu makes time to explain to the people the advantages of the new Retail Trade Policy, the way forward and the future of the retail industry in Andhra Pradesh.
“With India’s retail sector almost accounting for 10% of our country’s GDP and 8% of employment in the country, our government has categorized the sector as a priority sector.
In a first in the country, we have launched a Retail Trade Policy which will make it easier for retailers to do business in Andhra Pradesh. On the day of the launch, our government has inked pacts worth Rs.1,500 crore with retail giants Walmart India, Future Group, Arvind Lifestyle Brands Ltd and Spencer’s Retail.
The policy proposes single-desk clearance of business plans, permits stores to stay open for longer hours, hire workers on hourly basis, makes it easier for retailers to acquire land to build warehouses, simplifies labour laws and relaxes stocking limits for essential commodities.
Through this, we aim to attract investments worth Rs. 5,000 crore and create 20,000 additional jobs in the sector by 2020. The policy is valid for five years.
Our policy also allows stores in the state to issue bills (tax invoices) to shoppers in an electronic form and avoid physical receipts. It will also exclude retailers from having to pay a fee to the state to install signboards at their stores displaying their trade name.
Given that Andhra Pradesh has led the way in areas like Essential Commodities Act and Ease of doing business, I’m confident that we will also set a benchmark in the retail sector in the next few years.
I strongly believe that the future is in retail, which has a huge employment potential. With the retail market in India expected to reach a Rs. 47 lakh-crore this year, Andhra Pradesh will make significant strides and give a fillip to the retail sector in India.”