A major US trade association has hailed the “bold” move by the Indian cabinet move to approve opening of India’s vast multi-brand retail sector to foreign direct investment and expanding FDI into single-brand retail.
The association said the move will tamp down rising food prices and inflation.
From in.finance.yahoo.com:
‘These bold reforms have heartened investors from the United States and elsewhere,’ said the US-India Business Council (USIBC), comprising nearly 400 of America’s and India’s top companies seeking deeper commercial ties between the two countries.
‘The government’s opening of the multi-brand retail sector will benefit Indian consumers by bringing efficiencies and productivity to the farm-to-fork supply chain, while tamping down rising food prices and inflation,’ the advocacy group said.
The overall effect of these actions will accelerate India towards becoming the world’s third-largest economy, which had earlier been predicted to occur by mid-century, it said.
‘The singular act of opening the multi-brand retail sector to foreign direct investment will significantly benefit the Indian consumer by spurring the modernisation of India’s vast agri-retail marketplace,’ said Ron Somers, President of USIBC.
