New Delhi: Indian retailers are capable of working in a competitive environment and global retail giants coming to the country will only spur them to do better, NRI industrialist Lord Swraj Paul said on 24 September.
“Indians are capable of working very well in a competitive market. There is Wal-Mart in the US, there is Wal-Mart in the UK. There is Tesco too in these countries. Indians have set up retail shops there and have beaten them,” Lord Paul said.
Stressing that the government should concentrate on health, law and education and leave the business alone to fend for itself, Lord Paul welcomed competition for the Indian business community.
“We can compete with the best. The reason why IT industry has progressed so well is because they did not need the government nor did they know how to control them. So, I have no problem with Wal-Marts or Tesco or anybody. Let’s believe in ourselves.”
Quelling apprehensions about the possible danger to traditional, small time domestic retailers due to the entry of MNCs, Lord Paul said,“they are very good. These people will compete. Tell your banks to give them some facilities to improve them. But that’s in their hands, the banks won’t give anything to the poor man, they won’t give anything to the new entrepreneur.”
Pointing out that India can become a developed nation if the issues of education, health and security are dealt with, the NRI business tycoon has emphasised on the need for reforms aimed at the poor.
“Around 30% of children in the country do not even receive primary education while there is a huge shortage of higher education.