The Business Management Department of GGN Institute of Management and Technology (GGNIMT) organised a two-day PTU-sponsored national conference on Retail Sector in India: Opportunities and Challenges. The first day of the conference witnessed a huge gathering of academicians,experts and industry technocrats from all sectors of northern India. United Cycle Parts and Manufacturers Association (UCPMA) President Gurmeet Singh Kular,who was the chief guest on the occasion,lit the lamp and inaugurated the session.
The keynote speaker,Dr Pankaj Priya of Birla Institute of Management and Technology (BIMT),Noida,discussed at length the current scenario in the unorganised retail trade,which accounts for almost 95 per cent of the sector. Priya enlightened the audience about the challenges,opportunities and future scope of both organised and unorganised retail in India.
He said that the country should strive for harmony between organised and unorganised retail by adopting personalised services and relationship with customers,as in Kirana stores with the strong system for modern retail as in organised set ups for creating perfect shopping scenario for the customers.
Dr Karamjit Singh of University Business School (UBS),Chandigarh,who is a Punjab University (PU) fellow,chaired the first technical session. He outlined the current size of the retail industry as $450 billion and anticipated its growth to be around $850 billion in 10 years.
He highlighted the fact that in the current scenario farmers are getting only a third of the total price paid by the consumers as against two-thirds of the price that they get in developed countries. Karamjit exhorted that the need of the hour was to allow FDI in retail as it would not only benefit customers,manufacturers and farmers but would also help generate more employments,better infrastructure and reduced food inflation.
Karamjit gave practical examples to show how Punjab would gain from the retail sector. The topics discussed at the meet included Emerging Scenario of Indian Retail Sector,Online Retail Marketing,Future of Shopping,Impact of FDI on Retail and Perception of Rural Customers towards shopping malls in Ludhiana.