The government on Thursday reiterated that there will be no roll back on the Cabinet decision of allowing 51 per cent foreign direct investment (FDI) in the multi-brand retail sector. The move will not hurt the small retailers but instead create job opportunities for millions of people.
“India is not afraid of competition. We are moving boldly into the future,” said Department of Industrial Policy and Promotion (DIPP) secretary PK Chaudhary.
Assuaging the fears that the entry of big retailers will flood the market with imported goods and hurt the interest of small kirana stores, he said that imports will happen if consumers want it.
Moreover, checking a surge in imports is part of the export-import policy of the government. “Hence it would be misplaced to say this,” he said. “There are established mechanisms such as anti-dumping duty and safeguards that we can use.” Chaudhary further added, “If you are asking for 50 per cent investment in back-end, there is a natural in-built incentive for domestic procurement.”
Source : indianexpress.com