US Ambassador backs India's FDI in retail

New Delhi, Nov 30: US Ambassador to India, Peter Burleigh on Nov 29 welcomed the Indian government's decision to allow 51 percent Foreign Direct Investment (FDI) in multi-brand retail in the country. He claimed that it will not affect the small traders, rather it will help the consumers and farmers.

"I think examples around the world countries which have FDI in retail, which are some very important economic countries including China are...the concern that small traders and small merchants in villages and towns will be badly impacted by this (FDI into multi-brand retail) that ...they will not be competitive, it has turned out to be not true," said Burleigh.

Peter reiterated that small retailers' concern over the issue is pretty obvious. "I do not think if FDI were increased by whatever amount, we will see difference with regard to small kiranas that exist all over the country. Backing FDI in multi-brand retail, he said that it would be in the interest of both consumers and farmers.

"What would change (with 51 per cent FDI into multi-brand retail), I think, that prices for consumers would go downyou can have stable prices for farmers over time," he added.

OneIndia News