New Delhi, April 22 (IANS) Indian retail, with the coming in of conglomerates like Bharti Enterprises, Reliance and some foreign players, is set to generate business worth $430 billion by 2010, says a report by a leading industry lobby.

The share of organised retail is estimated to go up to 20-22 percent to become a $90 billion industry while the unorganised sector is set to touch $340 billion in the next three years, according to the Federation of India Chambers of Commerce and Industry (FICCI).

This exponential growth is expected to generate 18 million jobs, thereby becoming the second largest employment-generating sector after agriculture.

However, according to FICCI, the retail sector is currently reeling under the pressure of human resource crunch. Currently none of the educational institutions in India offer a comprehensive course on retail.

FICCI has suggested measures such as introduction of retail as a curriculum subject in schools and universities.

It has also asked for simpler tax laws with a tax holiday for the cold chain infrastructure. It said the amount of investment required in the retail sector and the benefits that would accrue justify giving the industry tax sops.

FICCI has also asked for greater rationalisation of the tax structure and reducing the excise duty from 16 to 14 percent, which would help in making India a common market.