Profit

FDI in India: US hails retail access

 Share
EMAIL
PRINT
COMMENTS
FDI in India: US hails retail access

More turbulence

Washington: 

Highlights

  1. Gold futures prices recovered by 0.78 per cent to Rs 28,887 per 10 grams today, tracking a firming trend overseas.

The United States on Tuesday welcomed India's decision to open its retail sector to foreign firms, including Wal-Mart, saying the move would provide an economic boost.

 

"We think economic reforms such as these will further strengthen business-to-business ties between our two countries," State Department deputy spokesman Mark Toner told reporters.

 

"It's going to create new economic opportunities, and it's also going to lead to more choices for Indian consumers," Toner added.

 

The comments came after the Indian government decided to open its vast retail sector to global supermarket chains, a move it claims will create 10 million jobs.

 

But the decision remains controversial.

 

The changes, which would push India further toward a modern consumer society, are loudly contested by opposition lawmakers who fear large supermarkets such as Wal-Mart will imperil the small family-run stores where most Indians now shop.

 

A leading opposition politician has already threatened to set fire to any Wal-Mart store that opens in India.

 

Wal-Mart said Friday its investment could improve living standards in India, although it added that more details about the policy were needed.

 

It also said: "This change will positively impact the Indian market and its people and will also contribute toward India's image as a one of the world's fastest growing economies and a welcoming destination for international businesses."

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top