Walmart India president and chief executive Krish Iyer today said that in the last one year he has seen significant focus from both central and state governments when it comes to ease of doing business.
“As a representative of a large foreign company operating in India, in the last one year I have seen very significant focus from governments, both state and central, in the area of ease of doing business.
“While efforts are being taken, it is perhaps not visible to all and I think given the deep-rooted problems of the economy and the system, it will take some more time for the results to be visible,” Iyer said at India Retail Forum here.
Krish Iyer added that he could see “willingness and the desire to listen and simplify things from every Chief Minister across the country”.
While the focus on manufacturing is laudable and important, the future growth for India is going to come from the services sector, he said.
Quoting the recent Goldman Sachs report, he said India could deliver eight per cent growth over the next five years driven by technology, with 300 million new Internet users and and the focus on ease of doing business, among other things.
Iyer pointed out that the economic adjustments going around the world give businesses in India a “brilliant opportunity to lead global growth”, which is how the people outside India see it.
“The fact that India has been a domestic consumption driven economy has come handy. We are not an export-driven economy and that’s one of the primary reasons why the economic turmoil and global events haven’t had as much impact on India as in other BRIC countries.”
Iyer also observed that there is a clear focus on profitable growth for brick-and-mortar retailers, and with the two per cent CSR investments kicking in, inclusive growth will take place in time.
He also pointed out that brick-and-mortar players will continue to learn from the pure-play e-commerce players and drive profitable growth while providing omni-channel experience to the customers. “That, to my mind, is the only way to go,” he said.