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Virtual-physical retail integration is the market mantra: Ambani
New Delhi: Amid complaints by physical retailers of predatory pricing by e-commerce firms, and funding for that from overseas, Reliance Industries chairman Mukesh Ambani said while this was good for India, there must also be a viable model for both formats to survive and grow.
“I think all consumer are going to consume physically and digitally,” Ambani, whose retail arm Reliance Retail is among the biggest in India, told an event hosted by Rhode Island, US-based Brown University here.
“I think, one of the news papers this morning said that Wall Street is subsidizing the e-commerce business. It’s a good thing! Wall Street should do that for Indian consumers. But fundamentally, that should also move to a viable model,” he said.
“Our own view at Reliance is we’ll take that consumer space and each will consume both digitally and physically. We will see an online-offline world and whoever is able to integrate that in the interest of the customer, if we generate customer value, I believe, will win in the market.”
In India’s retail market valued at around $600 billion, the e-retail segment is pegged at around $4-$5 billion. But this segment is growing exponentially and the impact it generated this festive season with huge discounts and mega sales campaigns have left the physical segment worried.
During the closed-door event, Ambani was also posed a question by CNBC TV18 on regulatory overhang in India and the tendency to politicise tariffs — like the delays in fixing gas prices for deep- and ultra-deep water exploration basins, which are areas where Reliance has significant interest.
But the Reliance Industries chairman did not wish to go into specifics.
“I think that we will have to have a path to what I call ‘mature governance’ and the recognition that any investment will need returns — that return has to be fair and transparent,” he said, adding that fairness must apply to the government, the investor and the user.
“For example, I have rail or port service, I should be able to afford the output, after giving a fair return. So, really, it’s a three-way partnership between the consumer, what the government wants and what the investor wants.”
On the Indian economy, Ambani said the feeling of helplessness that was haunting at all levels — individual, institutional and government — had gone away.
“Confidence has come back. The spirit of helplessness on what to do, what we can’t do, has gone away. Confidence is the most important thing. I think both internal and external confidence has come back to India.”
Ambani also felt that the Indian economy was back on track to make it the fastest-growing soon.
“The Chinese are slowing down and will slow down further. I clearly see with inflows and internal stability, we will gradually increase our growth rate. I have no doubt in my mind that we will be the fastest growing economy in the world in the next two-three years,” he said.
“We will exceed China’s growth rate.”
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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