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India Could Overtake the World’s Best Retail Economies
By Mr Yusuff Ali M A
Managing Director, EMKE Group
As we all know, today, the Indian Diaspora is the second largest diaspora in the world. Their contribution towards the host country and India has been highly significant.
In many countries, the Indian Diaspora is one of the most economically successful groups. They have been |
instrumental for the socio-economic development in India. This large presence of Indians in these countries has given added importance to our bilateral relations with these countries. The Non-resident Indians and the People of Indian origin have proved to be extraordinary assets for India as well as for their adopted countries. They have been able to earn a special place for themselves in these countries through their hard work, honesty, commitment and a peaceful lifestyle.
Indian entrepreneurs have battled immense odds and difficulties to emerge triumphant and have done proud to India. Their success has changed the way the world looks at India and has gone a long way in establishing India’s image abroad.
Among many successful businesses, the Overseas Indians have also succeeded in retail trade business in their host countries across the world. Though this was made possible by the sheer hard work of our Indians, various other factors have also contributed to this immense success. Among many other things, the favorable climate to invest and the support of the government and citizens of the respective countries have made it possible for our Indians to excel in their chosen fields of businesses. This is evident from the fact that today, our Group is best known in the Gulf through a chain of popular Shopping Malls, Lulu Hypermarkets, Supermarkets and Department Stores. With 86 retail outlets in the U.A.E., Oman, Qatar, Kuwait, Saudi Arabia, Yemen, Egypt and Bahrain we enjoy a market share of 34% in the organized retail sector of the Middle East. With our business operations in 19 countries and with an annual turnover of US$ 3.5 billion, our Group employs the highest number of Indians outside India. We are also aiming to open our 100th retail outlet by the end of this year.
In India, Retail has emerged as one of the most promising sectors in the economy. The new and large formats and the entry of retail giants are indicative of the immense opportunities existing in Indian retailing. But all of them have not yet tasted success because of the heavy initial investments that are required to break even with other companies and compete with them. The Indian Retail Industry is gradually inching its way towards becoming the next boom industry. The future of Indian Retail Industry looks promising with the growing of the market, with the government policies becoming more favorable and the emerging technologies facilitating operations.
With an investment of INR 1500 crores, the works of our Lulu International Shopping Mall in an area of 17 acres at Edappally in Kochi is fast progressing and upon completion it will be the largest Shopping Mall in India.
The Indian Retail Industry is currently facing a severe shortage of talented professionals, especially at the middle-management level. Lack of adequate infrastructure with respect to roads, electricity, cold chains and ports has further led to the impediment of a pan-India network of suppliers. Due to these constraints, retail chains have to resort to multiple vendors for their requirements, thereby raising costs and prices. Retailing is yet to become a preferred career option for most of India’s educated class that has chosen sectors like IT, BPO and financial services.
Unlimited opportunities, huge markets and availability of quality raw materials at cheaper costs are expected to make India overtake the world’s best retail economies. The retail industry in India, according to experts, will be a major employment generator in the future. If the shortcomings are looked into, the industry will be a suitable market for overseas Indians run businesses.
About the Author
Mr Yusuff Ali M A, Managing Director of EMKE Group ranks today among the top NRI Business personalities. The Group has diversified into many significant areas under his dynamic stewardship, retail being the most prominent of them. Read more Apart from his busy business involvement, Yusuff Ali is equally active on the social front and is associated with various organizations. He has been conferred with various awards and recognitions including the prestigious ‘Padma Shri’ and ‘Pravasi Bharatiya Samman Award’.
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