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In an effort to provide a boost to PM Narendra Modi's promise to create more jobs for youths, Finance Minister Arun Jaitley has proposed allowing small and medium shops to open all through the week on voluntary basis as part of simplification of rules for the sector, the ultimate aim of which is employment generation – the move has been hailed by retail players. (PTI)
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In Budget 2016-17, Arun Jaitley said the government plans to circulate Model Shops and Establishments Bill which the state governments can adopt on voluntary basis in order to boost the retail sector, which is the largest service sector employer in the country. Arun Jaitley, however, said the interest of the workers in terms of mandatory weekly holiday, number of working hours per day have to be protected. (PTI)
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"Many more jobs can be created in this sector, provided the regulations are simplified. If shopping malls are kept open all 7 days of the week, why not the small and medium shops? These shops should be given the choice to remain open on all seven days of the week on voluntary basis," he said. "We propose to circulate a Model Shops and Establishments Bill which can be adopted by the state governments on voluntary basis," he said. (Reuters)
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Welcoming the announcement, Retailers Association of India CEO Kumar Rajagopalan said, "Permission for keeping stores open 365 days helps retailers increase sales, generates more employment, creates customer convenience and also increases tax collection for the government thanks to increased sales." (Reuters)
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Expressing similar views, Walmart India President & CEO Krish Iyer said recognition of retail trade as the largest service sector employer in the country and proposed focus to simplify the regulations for retail sector is very laudable. "The retail sector in India is currently the hotbed of economic growth… India is a domestic consumption driven growth story and therefore this support and encouragement to the retail trade will surely further drive consumption, which in turn will help manufacturing sector and job creation," he said.
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Stating that setting up a model retail policy for the retailers is "a great announcement", Deloitte Haskins & Sells LLP Partner Anil Talreja said it will bring about standardisation of the state level reforms. "In India, people are very hard working and will never have a problem in keeping their shops open for seven days in a week so as to do more business and flourish," he added.
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