Retail FDI will create millions of jobs: Timothy Roemer
However, the US understands the compulsions associated with policy decisions in a democracy, Roemer told PTI here on the sidelines of the World Economic Forum's annual meeting.
Tim
Roemer,
who
resigned
as
US
Ambassador
to
India
last
year,
is
now
an
International
Advisory
Council
Member
of
leading
American
public
affairs
company
APCO
Worldwide.
The
five-day
meeting,
which
ended
yesterday,
saw
a
number
of
global
economic
leaders
urge
India
to
go
ahead
with
economic
reforms,
including
FDI
in
retail.
In the face of stiff political opposition, India had to put the decision for allowing foreign direct investment in the multi-brand retail business on hold.
Asked about the US reaction to the issue, Roemer said the US President (Barack Obama) is a real believer in the democratic process and knows that everyone cannot agree on every single issue, especially strategic issues.
"It's a great time for the US-India partnership. We want to see continuing progress on economic issues. India moved ahead with the FDI in single-brand and multi-brand retail and the process has been complete on half of this," Roemer said.
"This is good for India, millions of jobs would be created for Indians, cold chain would be improved, maybe food prices would come down and there would be more opportunities for SMEs too," he added.
"We think it is good thing for India and good thing for the trade between the two countries," he said, while noting that both countries have a vibrant democratic system that allows the people to vote for making their country economically more successful.
PTI