The US has welcomed the Indian Parliament’s decision to allow FDI in multi-brand retail, noting that this is a win-win for all and would deepen economic co-operation between the two countries.
“We welcome the Indian parliament’s decision to allow Foreign Direct Investment in multi-brand retail,” State Department spokesman Mark Toner told reporters 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,” Mr. Toner said in response to a question.
A number of US firms, he said, are keen to invest in the retail sector of India and this decision will “obviously I think will only deepen our economic cooperation.”
“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.
Keywords: FDI in retail, winter session, FDI vote, Indo-US trade, USIBC
Indians must remember what Union Carbide and the Indian government did to help the ordinary Indian victims to recover from the Bhopal tragedy. Corrupt politicians are the curse for India's prosperity!
Walmart is to make money at the expense of poor Indian farmers and small businesses by selling poor quality goods at rock bottom prices at the begging with the intention to destroy competition. This will make the Indians life miserable in the long term as Walmart will dominate and Indians will not have any other option for survival!
At last the US got what it was hoping for. The Multinational giants in
US can now enter the Indian Market. Indian Government must protect the
Indian retailers at any cost. We must not allow these giants to exploit
our farmers.
Dear Government, FDI is good sign for development in very limited tiers but make sure it does not overkill the development of agrarian sector.
So, It was an American victory in Indian Parliament!!
US welcomes parliament approving FDI????
What is this ?
Why no coverage from Indian common people? Are We (Indian) happy with
the decision . All politician looked only to their own plates, breads
and butter not towards common Indian people. Its very unfortunate that
we are bother about US response but not the India's Response.
US welcomes sending Indians as slaves to serve the 'mutual' interests!
yes of course they'll welcome it! It makes us more dependent on their
economy and they benefit tremendously!
this is good opportunity for us and also beneficial for the farmer
consumers
Will the US ever allow India to become a permanent member in United Nations ?
ofcourse they are going to welcome it . what a corrupt govt we have...history repeats itself, first it was the british with the east india company and now its the US with Walmart ! Small shops and retailers be prepared to loose your business and go bankrupt. how can we be so stupid to let this happen?
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