Focus on infrastructure development
: The retail sector's efficiency as a key growth driver depends on the development of infrastructure.
The Indian retail sector, ranked fifth globally and contributing 5 per cent of the country's GDP, is set to grow at a very rapid pace.
The sector attracted foreign investment inflow of $195 million during the 10-year period ending April, 2010. The total retail sales in India is expected to grow from $353 billion in 2010 to $543 billion by 2014, according to BMI India retail report.
The logistics industry is facing a shortage of trained manpower around the world as there are very few institutions that teach logistics as a core subject. Kochi is becoming a logistics hub and institutions such as the Indian Institute of Logistics (IIL) have been set up against this background.
As part of its efforts to achieve international standards, the government is developing highways, goods railway corridor, state-of –the-art airports and minor sea ports with private participation. All these have brought the attention of major logistics companies to India, according to the IIL.
The IIL was set up in Chennai. Its Kochi campus, set up last year, has completed one year. Training facilities exist at Wellingdon Island and near the Cochin Special Economic Zone. The students are provided hands-on experience on board a vessel in Chennai. A Logistics Knowledge Park is being set up in Chennai by the IIL with a view to extending logistics education to various private universities in India, IIL representatives said.