Update On :24 March 2015
As per Shops and Establishments Act weekly closure of retail shops is made mandatory but leaving out the retail establishments, Maharashtra Government has said that shops can now be open for 365 days a year. Federations of India chambers of commerce and industry (FICCI) appreciated Maharashtra Government and said this will build the trust in the reform intentions of the new government and will certainly boost trade in the State.
Business and consumer will benefit equally and thus a layer in the system will be reduced. Cross sector agenda taken up by FICCI is ease of doing business. FICCI has been working on various retail and internal trade reforms. Chairman FICCI Retail & Internal Trade and President & CEO Walmart India, Krish Iyer said It is a very positive step and would help retailers to achieve their true potential.
Retail sector is one of the most employment generating sectors in the economy and this policy initiative would further help in creating new employment opportunities. This change was necessary to remain competitive and create a level playing field for offline and online retailers. It would also benefit customers as it would give them more convenience and would boost consumption.
News Source From : http://www.indianretailer.com/
Image Courtesy : http://www.indianretailer.com/