Many multi-national companies (MNCs) such as Sony, Samsung, and Kellogg’s entered in the market due to the removal of entry barriers (Mukherjee and Patel ).Tags: Do Not Go Gentle Into That Good Night EssayIntercultural Issues In Communication EssayImmanuel Kant 1795 Essay Toward Perpetual PeaceShort Essay On Jesus ChristGifted And Talented Research PaperCause And Effect Essay Peer PressureEssays On Because I Could Not Stop ForGoyal AssignmentHomework ChatAbraham Lincoln Assassination Research Paper
Organised retail trade is traditionally divided into two trades: single-brand retail trade (SBRT) and multi-brand retail trade (MBRT).
Both trades enable growth in the retail sector; however, comparatively SBRT has liberalised more than the MBRTs which has been rather tightly regulated.
The growth in export sector turned negative, and industrial production recorded negative growth.
Thus, an attempt to liberalise economy in 1987 was made to overcome balance of payment issue, but that did not succeed.
After the liberalisation and economic reforms in 1991, the sector started evolving; imposed restrictions were relaxed leading to the development of the economy.
Thus, consumer good industry exhibited significant growth in the limited span of time.The retailing sector is considered as one of the significant pillars of the Indian economy, which is expanding at remarkable pace.India could be rightly referred as the nation of shopkeepers since a long time, as more than 15 million retail outlets have been established in the retail sector (Mukherjee and Patel ).In the contemporary markets economies, retailing is a significant link between producers and consumers.In order to build a strong relationship between the two, retailers not only offer a wide range of products, but also provide complementary services to the consumers, both of which together provides satisfactory and convenience experience of shopping for consumers.After Independence from Britain in 1947, Indian economy remained fairly close.In mid-1980s, India faced a severe deficit of balance of payment.In 2013, the market value of the Indian retail sector was the US 0 billion and is considered to be one of the top five retail markets with a population of 40 million engaged in it.The retail sector is expanding at a rapid pace, with a gradual shift in formats towards organised retailing.A comprehensive and critical review of the existing evidence on the subject was carried out, and descriptive statistical analysis of data from 1991 to 2013 was performed which leads to conclude that the policy of FDI liberalisation has proved to provide diversification and sustainable development to the Indian economy and specifically retail sector which is considered to be one of the significant pillars of economy.Furthermore, for continuous growth of the economy, it seems vital to encourage more investment in other sectors by liberalising the restrictive policies.