Much to the discomfort of Left parties, the report also advocated unimpeded FDI into the sector for speeding up growth of organised formats while making policy recommendations, including facilitating cash-and-carry outlets, like Metro, for sale to unorganised retail and procurement from farmers.
Buoyed by the findings of ICRIER, organised retailers went ahead with their expansion plans. As many as 35 companies -- ranging from apparels, electronic goods to food and personal care -- spelt out their fresh investment plans totalling about Rs 14,200 crore (Rs 142 billion) for spreading their presence.
They included Vishal Retail (Rs 3,000 crore), Subhiksha (Rs 1,500 crore), Spencer's (Rs 1,400 crore), Wadhawan Retail (Rs 1,500 crore) and Shopper's Stop (Rs 1,000 crore).
Among new foreign entrants in India this year were Italian fashion brand Giorgio Armani, which entered into 51:49 partnership with real estate major DLF, and UK-based Roseby's, which was acquired by the GHCL Group.
The year also saw breaking of old partnerships and fostering of new ones. For instance, Italian fashion brand Diesel broke off its joint venture partnership with textile manufacturer Arvind Mills and entered into a new JV with Reliance Brands, in which it holds 51 per cent stake.
Also read: India's most preferred states for entrepreneurs
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