New Delhi, Dec 8 (): Welcoming the decision of the Indian government to allow FDI in multi-brand retail, the United States observed the victory of the UPA government as a win for all sort of people from small businesses to farmers and consumers.
”The Indian Parliament’s decision needs applause for allowing Foreign Direct Investment in multi-brand in retail,” said Mark Toner, State Department spokesman while talking to press reporters and also added that the decision of the Indian government will build opportunities for small traders as well as farmers and also develop investment in infrastructure in producing benefit to consumers. It will also reduce food prices, said the US official.
Toner assured that foreign investment in retail has the ability to expand the markets in India just like China, Brazil and rest of the developing countries. Many US companies are eager to invest in the retail sector of India, admitted Mark Toner.
Admiring the Indian Parliament’s decision for permitting fifty-one percent FDI in the country’s multi-brand retail sector, the US-India Business Council (USIBC) also said that the decision would support the government’s goal of achieving remunerative prices for farmers, and might also enlarge the merit and preference for the country’s growing stylish consumer base.
The FDI in retail will guide the much required investment and will also provide the knowledge of supplying chain development which can help the farmers linking directly to the markets. This will also reduce the loss owing to insufficient storage and transportation facilities, observed USIBC President Ron Somers.
Being acquainted with the government’s decision, it will be up to individual states to put into practice this life-size modification, the USIBC confirmed and stated that it is eagerly looking forward to work with a number of progressive state governments such as Tamil Nadu, Andhra Pradesh, Punjab, Uttar Pradesh, Gujarat, Maharashtra, Bihar as well as Karnataka in 2013 which will pave way for many of its 350 member companies to visit the States.