Growing retail and wholesale trading which is supported by wide domestic market has able to draw the attraction of many global retail chains to initiate business in the country, said by industry chamber Assocham
“Trading is mounting and will continue to explore because the main strength is our 120 crore people. They provide a huge market,” Assocham President Rajkumar Dhoot said.

According to him, the retail sector is not easily affected by the recession, unlike in west where west retailers are dependant on the high end consumer durables.

“It was no surprise that there is so much pressure on the government from the global investors to open the Indian retailing sector,” Dhoot added.

Quoting the RBI data, the chamber said the credit growth in the trading sector expanded by 26 per cent in June as compared to the same month previous fiscal.

“While the wholesale trading absorbed credit expansion of 30 per cent, the retailers’ borrowing increased by 21 per cent,” it said.

The Cabinet had decided on November 24, 2011 to allow 51 per cent FDI in multi-brand retail, but the same could not be implemented in the face of strong opposition from UPA allies including Trinamool Congress, and several state governments.