India has jumped 13 positions from 2015 to rank second on the Global Retail Development (GRD) Index 2016, which ranks top 30 developing countries based on ease of doing business. Clarity regarding foreign direct investment (FDI) regulations and a pick-up in gross domestic product (GDP) growth has helped India achieve the second spot, according to media reports. It is noteworthy that retail sector in India has expanded at a compound annual growth rate (CAGR) of 8.8 per cent between 2013 and 2015, with annual sales crossing the US$ 1 trillion mark.
In another significant development, more than 1.04 crore youth have been trained under the Skill India Mission in the year 2015-16 registering a 36.8 per cent growth year-on-year. Further, the Ministry of Skill Development And Entrepreneurship is working towards establishment of one Model Skill Centre in each district of the country, which would be operational in more than 500 districts by March 2017. These will be high quality centres that can be expected to help make skill development aspirational and accessible.
Ravi Capoor, IAS
Chief Executive Officer
India Brand Equity Foundation