The Andhra Pradesh Economic Development Board (APEDB) is a single-point of contact for sustainable economic growth through trade, investments, partnerships & collaborations in the state of Andhra Pradesh.
The Andhra Pradesh Economic Development Board (APEDB) signed a Memorandum of Understanding (MoU) with Retailers Association of India in Mumbai today. This MoU was signed by Mr. J. Krishna Kishore, Chief Executive Officer, APEDB & Mr. Kumar Rajagopalan, Chief Executive Office, Retailers Association of India in the presence of N Chandrababu Naidu, Hon’ble Chief Minister of Andhra Pradesh.
The APEDB is a single-point of contact for sustainable economic growth through trade, investments, partnerships & collaborations in the state of Andhra Pradesh. Retailers Association of India (RAI) is the unified voice of retailers in India. RAI works with all stakeholders for creating the right environment for the growth of modern retail in India.
With this MoU, APEDB & RAI agreed to encourage, develop, facilitate, support and partner retailers to modernize, grow, expand and adopt best practices across technology, logistics, warehousing, skill development and infrastructure.
APEDB & RAI also agreed to collaborate on promoting Andhra Pradesh as an investment destination for retail and allied sectors, apart from improving policies, regulations and standards that foster the growth and development of the retail and allied sectors in Andhra Pradesh.
The total retail market in India is Rs 47 lakh crore and is growing at 7%. A significant share of the market remains untapped by modern retail and this presence a huge opportunity for India and especially Andhra Pradesh.
J Krishna Kishore, Chief Executive Office, Andhra Pradesh Economic Development Board observed that “This MoU is a step in the right direction as rising incomes, increasing tastes and preferences, emerging markets in tier-2 and tier-3 cities makes Andhra Pradesh an attractive destination for retailers. This MoU will also put in place a predictable regulatory environment for the retail industry in Andhra Pradesh.
Kumar Rajagopalan, CEO, RAI, emphasized that the state of Andhra Pradesh is standing on the threshold of a retail revolution and this collaboration would help give an impetus to the retail industry in state.”
As India becomes the world’s sixth largest consumption economy, this MoU between APEDB & RAI taps into this huge opportunity and deeply penetrates into tier-2 and tier-3 cities.
The Andhra Pradesh government had unveiled a new retail trade policy in 2016, under which retail enterprises are given greater flexibility in terms of open hours, engaging part-time employees and removal of stock limits for essential commodities. Touted to be the first-of-its-kind policy in the country, the policy helps Andhra Pradesh emerge as a hub for retail logistics and promotes setting up of warehouses and distribution centers apart from accelerating investment flows for socio-economic development.