The Hindu Business Line : The right attitude

The prospective opening up of the retail sector to Foreign Direct Investments is a Damocles sword that continues to hang over Indian industry though the Government has often allayed the fears repeatedly stressing that there are certain areas that would remain shut to FDIs .

The fear of facing global competitors is genuine considering that industry, including the retail sector, has always thrived on protection. And the danger of being thrown to the wolves has been sapping industry morale.

In this context, the recent remarks of the industry heavyweight, Mr Ratan Tata, on the need to stand up to competition are extremely relevant. Mr Tata has called on the retail industry to shun the fear that if retail is opened, the Wal-Marts and Costcos will overrun us and that the Indian retail industry will die.

He is firm that industry does stand a chance against foreign competitors and can offer a fair fight and perhaps tilt the scales in its favour, thanks to the tremendous human capital that the country possesses.

Protectionism certainly is no longer a certainty considering that globalisation is certain to remove trade barriers all over the world.

It is time industry prepared itself to take on the might of international competition.

The retail sector has come a long way and there are several industries where products of international standard are produced and exported to even the most advanced countries.

Mr Tata has called on the industry to take corporate social responsibility seriously and ensure livelihood opportunities in the rural areas as well as jobs for the country's growing young population. This indeed is a step long overdue.

With the kind of human resource potential that India has, the cutting edge is already with us and with an optimistic bent of mind and the will to succeed, we can certainly give our competitors from across the seas a run for their money.

C. V. Aravind

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