Swedish firm IKEA has rubbished India's retail success claims. It is of the opinion that India is not yet ready for big retailers.
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.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
So, the fight is for the signature cafe, restaurant and the Swedish meat ball IKEA is known for, besides its furniture stores.
This is the largest investment in the single-brand retailing ever since the government has allowed foreign direct investment.
While raising the foreign direct investment limit to 100 per cent in the single-brand retail segment six months earlier, the government asked retail chains with over 51 per cent foreign investment to source at least 30 per cent of the value of products sold in the country from Indian small/village/cottage industries, artisans and craftsmen.
The Euro 25-billion firm can now set up furniture stores in India, along with restaurants and cafes, in line with its global concept.
Patience has kept IKEA, the euro 27-billion Swedish retailer, going despite entry hurdles. So says Juvencio Maeztu, its chief executive officer for India.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
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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.
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'This offers us many opportunities to meet people in different ways, and we will do this with full respect to India.'
'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.'
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.
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.
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.
'Modest in its ambitions, eager in its naiveté, The Extraordinary Journey of the Fakir is a kiddie fantasy masquerading as an adult's movie,' notes Sukanya Verma.
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.
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.
Sharma was speaking to reporters after Coca Cola Co chairman and CEO Muhtar Kent met him at his office.
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.
Nine years ago, when Ikea, the Swedish furniture company, was being challenged over the use of child labour, its executives decided that instead of distancing themselves from the issue they should engage with it.
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.
Tamil actor Dhanush, whom we loved in Raanjhanna, is all set to work with an Oscar-nominated actress in his big international film The Extraordinary Journey Of A Fakir.
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.
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.
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
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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.
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.
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DEA objects to the company's 29 Indian stores having sub-brands as a rule violation; DIPP doesn't agree.
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