NEW DELHI: : Calling for the repeal of the Urban Land Ceiling Act and rationalising property tax across the country, the Associated Chambers of Commerce and Industry (Assocham) on Sunday said that these would not only facilitate forays of MNCs in the retail sector but also create a multiplier effect on agriculture, manufacturing and food processing sectors.

The chamber, which made an assessment about the impact of prototype laws on retail business, observed that such steps would help generate employment for 50-55 lakh people in the next 4-5 years in the sectors.

It underlined the need for the annulment of ULCA and rationalising property tax saying that it was necessary in the backdrop of the Government considering opening up of the retail sector for overseas corporates.

Link to global chain

President of the chamber M. K. Sanghi said while seeking an early decision on opening up of the retail sector to FDI, this would result in the integration of Indian manufacturing with global supply chain and create direct and indirect employment opportunities with the manufacturing sector alone creating jobs for about 20 lakhs.

Assocham said opening up of the retail and real estate sectors to foreign investors would result in them emerging as the fastest growing segments.

It would also lead to an increase in the number of malls which would go up to over 300 by 2010 from the present 50.

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