Masala King Dr. Dhananjay Datar’s reaction
MUMBAI: The Indian economy could become the world’s third-largest economy in the next two to three years. Such opportunities have also come our way. Trade agreements with Britain, New Zealand, the United Arab Emirates, and the European Union are expected to lead to a big jump in export growth. However, at the same time, concrete measures were needed in the latest budget to encourage investment in India by NRIs, as well as to increase investment in the retail sector in India, said Dr. Dhananjay Datar, Chairman of Adil Group of Super Stores and Masala King.
Welcoming the Union Budget announced today, Masala King Dr. Dhananjay Datar said, “ The retail sector has the latent potential to give immense strength to the Indian economy, but either there are very few professionals in this sector in India, or those who are cannot compete effectively in the international market due to the high tax burden. As a solution, the government should reduce the tax burden on these professionals and the general public and encourage NRIs as well as international businesses to invest directly in the retail sector in India.”
Dr. Dhananjay Datar further said, “Compared to the huge population of India and the huge turnover in the retail market, the number of professionals in this sector is still not sufficient. Therefore, Indians go abroad to do business, but there is no large-scale employment generation in the country. The local wage scale is also not attractive compared to foreign countries. As a solution to this, if the government attracts NRI and international businesses to the Indian retail sector by providing tax incentives and encouraging foreign direct investment (FDI), new jobs and direct and indirect employment will be created here, employees will also get good salaries and if the number of professionals increases, the prices of goods will come down due to competitiveness and the common man will get goods at a cheaper price. Many NRIs do good business all over the world, but are not willing to invest in India. This picture needs to change.”
Explaining that India’s retail sector has immense latent potential and the future is very promising for India, Dr. Datar said that while India was a buyers’ market a few years ago, it has now become a sellers’ market.