Washington, Feb 18 (IANS) Seeking opening of India’s retail sector, the US India Business Council (USIBC) has set up a sub-committee to focus on leveraging the combined resources of the retail supply chain.
The newly formed sub-committee will promote retail trade focused on the consumer products categories of health & beauty, personal care, household and food products, the trade body said.
USIBC representing over 300 top American companies investing in India and a score global Indian companies aims to deepen trade and strengthen commercial ties with India.
James C. “Chip” DiPaula, Jr., Senior Vice President of Compass Marketing, Inc, would chair the new Sub-Committee on Consumer Products, to be housed within the Council’s Retail Trade Executive Committee, USIBC President Ron Somers announced Thursday.
“The retail and consumer products sectors are among the fastest growing in India and we wanted to make sure we are devoting the council’s full resources to address India’s unique needs. Chip has outstanding public and private sector experience and is ideally suited to lead this effort,” he said.
Compass Marketing, Inc, serves as strategic advisors to many of the world’s top consumer products manufacturers.
The Indian retail sector is one of the fastest growing in the world, yet is encountering many challenges and barriers, USIBC said.
“We are excited about the tremendous trade opportunities between businesses in both nations and our sub-committee will dedicate maximum focus and support to promote the tangible benefits of open markets; and develop solutions to market barriers,” said DiPaula.
Modern retail will provide enormous positive effects in India by creating new and better employment opportunities, by introducing modern retail formats and technology, and by modernising supply chain management and distribution, USIBC said.
Retail modernisation and enhancements will be particularly beneficial to Indian farmers in building new and better markets for their products as well as reducing the high rate of agricultural spoilage, it said.
USIBC member-companies represent technical and financial resources that can support India’s retail opening, respecting the fact that this must be done in a manner that benefits all segments of Indian society, USIBC said.