The $31-billion company, which sources around 30 per cent of its global consumption from India, had also criticised the Indian government for not opening foreign direct investment in single brand retailing.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers in India.
'This offers us many opportunities to meet people in different ways, and we will do this with full respect to India.'
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
India has overtaken the United States (US) to become the second-most sought-after manufacturing destination globally, driven mainly by cost competitiveness, according to real estate consultant Cushman & Wakefield. China remains at number one position, the consultant said in its 2021 Global Manufacturing Risk Index, which assessed the most advantageous locations for global manufacturing among 47 countries in Europe, the Americas and Asia-Pacific (APAC). "India takes the second spot after China as the most sought-after manufacturing destination globally," Cushman and Wakefield said in a statement. The US is at third position, followed by Canada, Czech Republic, Indonesia, Lithuania, Thailand, Malaysia and Poland. In last year's report, the US was at second position while India ranked third.
Apple's online launch is a symbol of success for FDI in single-brand retail, though there's no indication of how much the Silicon Valley major would invest in the country.
'If they are taking marquee locations and, say, are paying 50 per cent higher rent, those locations will see a spurt in rates as well.'
The boom in organised retail will set the tone for major economic overhaul. The ripple effect will be improved supply chains, volume output, integration into global commerce, and higher tax collection, notes T N Ninan.
The lack of a strong diversity policy on the part of companies, a limited pool of women candidates as well as socio-cultural factors contribute to their low numbers.
Bangladesh accident and foreign retailer eyeing India spark optimism among Tirupur textile exporters.
In a year marked by economic downturn, the estimated $500 billion retail sector in India saw growth slowing down to 10-11 per cent from high double digits growth earlier.
E-commerce companies that fall within the scope of the equalisation levy include Adobe, Uber, Udemy, Zoom.us, Expedia, Alibaba, Ikea, LinkedIn, Spotify, and eBay.
Global retail giants, including IKEA, Walmart and Carrefour, are studying the finer details of India's relaxed foreign direct investment norms for the sector as they look to tap opportunities in the country.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
India's MRP and Packaged Commodities Acts are dated and not in line with the modern world's digital price mechanisms and comparisons.
Decision-making is stretched because of differences in views between ministries.
The 'terrible' surge of the coronavirus cases in India has severely impacted COVAX's vaccine supply in the second quarter of this year to the extent that there will be a shortfall of 190 million doses by the end of June, according to a joint statement by the WHO, UNICEF, GAVI and CEPI.
Sharma was speaking to reporters after Coca Cola Co chairman and CEO Muhtar Kent met him at his office.
Two French sports retailers - Go Sport and Decathlon - are all set for battle royal to grab market share in India. Both are competing with sports goods makers Nike, Puma and Adidas and footwear major Bata. While Decathlon is already in India for some time, Go Sport opened its first super store in Navi Mumbai recently.
Five years after demonetisation, which sought to curb black money and reduce cash circulation in the economy, 70 per cent of respondents said they paid a large component of the total payment towards a real estate transaction in cash. About 16 per cent said they paid over half the amount in cash, observes Shyamal Majumdar.
Phonemaker Apple is said to be in talks to take 30,000 sq ft retail space at plush property Maker Maxity, in Bandra Kurla Complex
Nike has been present in India since 1996.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
Ashley Furniture Industries, which made a debut in India last month in Bengaluru, planning to open 100 stores in India over the next few years.
At least half a dozen such applications, including those from Celio, Gruppo Coin and Artsana, are in the works and are expected to be sent to the government in a few weeks.
The year started on a sombre note for the sector, with the lingering effect of the decision to put on hold relaxation of FDI in retail in 2011.
DEA objects to the company's 29 Indian stores having sub-brands as a rule violation; DIPP doesn't agree.
Real estate players say they are in talks with companies to build their customised stores in India.
However, leading real estate players like DLF and Unitech denied being in talks with any foreign brands.
Relaxing FDI norms will provide a major impetus to employment and job creation.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
The Cabinet approval would help more than 200 fashion and apparel brands who are lined up to enter India, including international labels such as Avva, Colin's, Damat, Tudba Deri and Dufy
Still, the earliest India will get to experience Apple online will be early 2020 and the company's first fully-owned signature store should be up around 2022 -- almost two decades after it had opened its first store worldwide, writes Nivedita Mookerji.
The rise of the mall in India, at a time when many in the United States are becoming debt-ridden white elephants.
The latest updates from the film industry.
Riding on e-commerce wave is the youngest state, which faces competition from neighbours.
The legendary film festival has a strong Indian flavour this year.
India Ic has pulled up its socks to perform even better in FY16.
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
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