Andhra Pradesh targets Rs. 5,000cr for retail infra sector

While rolling out a red carpet for the retail sector, the state government in Andhra Pradesh has offered multiple relaxation and investors' friendly norms in its new retail & trade policy, and targeted a staggering investment worth Rs. 5,000cr. In its scheme of things, retail enterprises have been granted greater flexibility in terms of open hours, engaging part-time employees, and removal of stock limits for essential commodities. Attracted by the new norms, four leading retail chains — Walmart, Future Group, Spencer's, and Arvind — have signed MoUs to invest Rs. 1,500cr in AP where they will create the necessary infrastructure and construct retail space across the state. Touted to be the first-of-its-kind policy in the country attempted by any state, the policy also offers various incentives and the ease of doing business applicable to other sectors. The new norms allow flexibility that retail enterprises can stay open seven days a week from 6 am to 11 pm. In view of this, K Raheja Corporation announced that the group had identified four cities to establish new shopping malls. While Walmart India would establish 15 new stores in the state, besides, setting up a centre for sourcing agriculture products from small and marginal farmers, chief executive Krish Iyer said.