India’s leading Regulatory Technology solutions company, TeamLease Regtech, has released its report titled ‘Simplifying Compliance Management for the Retail Industry.’ This report gives an overview of the compliance complexity and challenges faced by entrepreneurs and employers in the retail industry delivering into the recent policy reforms to provide insights into the industry’s future outlook.
This industry contributes over USD 1.3 trillion, equivalent to 10 per cent of the national GDP, and employs more than 35 million people, accounting for 8 per cent of the workforce. The company’s report sheds light on the regulatory challenges and compliance management obstacles faced by employers in the industry.
The report highlights that retail chains with multiple stores across different cities and states face more than 3,000 compliance requirements.
FMCG, apparel and footwear, and consumer electronics are the largest retail segments, constituting 65 per cent, 10 per cent and 9 per cent, respectively.
“India’s retail industry is a major sector of the economy that is going to be critical in the nation’s quest to breach the USD 10 trillion GDP mark by the end of the decade. Household consumption has already crossed USD 1.75 trillion, and we now rank third in the world in Purchasing Power Parity (PPP)’’, stated by Rishi Agrawal, CEO and Co-Founder, Teamlease Regtech.
The report reveals that an enterprise operating a retail chain must comply with at least 1,666 labour-related, 463 environment, health and safety-related and 402 industry-specific compliances. Tracking and managing all applicable regulatory obligations can be exceedingly complex when done on an ad hoc basis with Excel sheets that are dependent on people.
This report also concludes with recommendations for compliance reforms that can further improve the ease of doing business and provide new-age solutions for employers to manage compliance effectively.
