Staff Reporter

Chief Secretary says government will welcome entry of foreign firms

CHENNAI: State Chief Secretary L.K. Tripathy has said the government would support the entry of foreign companies as this would make available products from all over the world at a reasonable rate.

He was speaking at the inaugural session of an inter-college seminar on `Challenges and Opportunities in the Retailing Sector' organized by Guru Shree Shantivijai Jain College for Women on Thursday. The seminar was to mark the eve of the 115th birth anniversary of the college founder Guru Shree Shantivijai and in commemoration of the 150th year celebrations of the University of Madras.

He said it was a good thing that the retailing sector in the country was getting organized. In developed countries, 70 percent of the sector was organized, while it was only three percent in India.

From a consumer point of view, he said the entry of foreign companies would create competitive pricing, choice and make life easier.

It was important for students to be familiar with the retail sector as they were shareholders in the current and future market. "Youth is the focus and provides the market... Retail is also a good avenue of employment as there is going to be a big market," he said. A. Sathishkumar, managing director of Henkel India Ltd, delivered the keynote address on the topic.