India Inc. has welcomed the victory of UPA in the lower house of the parliament over the issue of allowing FDI in multi-brand retail. 253 votes were polled in favor of FDI while 218 votes went against it. Notably BSP and SP abstained from the voting.
HAILING THE decision taken by the political leadership, apex industry body welcomed the victory of the UPA government on Foreign Direct Investment (FDI) in multi-brand retail and termed the victory as milestone in the way of reforms.
"This would become a milestone in the economic reforms saga. The economy in particular, and the nation as a whole will derive lot of benefit from this move. The immediate effect would be spike in the inflow of much-needed foreign investment in India," said Rajkumar Dhoot, Assocham's president in a statement.
Confederation of Indian Industry (CII) said that allowing FDI in multi-brand retail and other areas would lead to capital infusion in the country, which would help farmers and customers alike.
“Strengthening supply chains is imperative in our country, particularly since the wastage in our food produce is colossal. We are convinced that FDI in retail would only be beneficial for the country and not be disruptive in any manner,” said Adi Godrej, President, CII and Group Chairman, Godrej Industries in a statement.