|
|
|
|
|
25th Shawwal 1435 | Friday, Aug 22, 2014
Top Stories

US welcomes parliament's decision to allow FDI in retail

Saturday, 8 December 2012
Comments(1)
Washington, December 08:

The United States has welcomed the decision of the Indian Parliament to allow FDI in multi-brand retail, noting that this is a win-win for all from small businesses to farmers and consumers as well; besides deepening economic co-operation between the two countries.

"We welcome the Indian parliament's decision to allow Foreign Direct Investment in multi-brand retail," the State Department spokesman, Mark Toner, told reporters at his daily news conference on Friday.

"As Indian officials have pointed out, FDI can create opportunities for small businesses, for farmers, spur investment in infrastructure and bring benefits to consumers as well as lower food prices," he said.

"We believe direct foreign investment in retail will grow markets in India as it has in China, Brazil and many other developing economies," Toner said in response to a question.

A number of US firms, he said, are keen to invest in the retail sector of India.

"There was a political process that played itself out. All sides had a chance to express their views, whether for it or against it, and it was approved," the US official said.

In a statement, the US-India Business Council (USIBC) applauded the Indian Parliament's passage of allowing 51 per cent FDI in the country's multi-brand retail sector.

This will usher in much needed investments and expertise into supply chain development that can more efficiently link farmers directly to markets, thus minimising loss due to inadequate storage and transportation facilities, said Ron Somers, the USIBC President.

"FDI in multi-brand retail will support the government's goal of achieving remunerative prices for farmers, and will also increase quality and choice for India's increasingly sophisticated consumer base," he said .

Recognising that it will be up to individual states to implement this big bang reform, USIBC is keen to work with progressive state governments including Uttar Pradesh, Gujarat, Maharashtra, Karnataka, Tamil Nadu, Andhra Pradesh, Punjab and Bihar, and in 2013, will lead many of its 350 member companies to visit these states, it said.

----PTI

Latest News

Infosys-sponsored prize for Argentine mathematician

Argentina-born mathematics evangelist Adrian Paenza won the prestigious Leelavathi Prize, sponsored ...

Ladyfinger to help ice cream last longer

How the humble okra or ladyfinger vegetable can help your ice cream last longer and hinder melting? ...

Researchers hack into Gmail with 92 percent accuracy

A team of US engineers has developed a method that allows them to successfully hack into apps includ ...

Related News

PM Modi must apologize publicly for hooting of Jharkhand CM, demands JMM

While Jharkhand Chief Minister Hemant Soren termed the hooting he faced by a section of crowd at Pri ...

Not interfering in Pakistan crisis, says US

The US Thursday rejected Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan's comment that Washington w ...

Hyderabad Real Estate poised for a meteoric growth

CREDAI, the Confederation of Real Estate Developers’ Associations of India, country’s apex body ...

GooD News

I Like to FDI to enter into the INDIA to ALL THE STATES...

Post new comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

Rs. 27490 (Per 10g)

Opinion Poll
Do you think KCR would continue celebrating all national events at Golconda Fort beginning from Independence Day?
YesNoCan't say

Matrimony | Photos | Videos | Search | Polls | Archives | Advertise | Letters

© The Siasat Daily, 2012. All rights reserved.
Jawaharlal Nehru Road, Abids, Hyderabad - 500001, AP, India
Tel: +91-40-24744180, Fax: +91-40-24603188
contact@siasat.com