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FDI decision indicates reforms are back: Industry
Friday September 14, 2012 07:44:55 PM,
IANS
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New Delhi: Industry
lobbies Friday welcomed the government's decision to allow up to
51 percent foreign direct investment (FDI) in multi-brand retail
and said this indicated that reforms were back.
"The decision of the government to ease FDI norms in an array of
sectors like multi brand retail, civil aviation, power trading
exchanges and broadcasting is a tremendous boost not only to the
sectors in question, but is a huge mood lifter," the Confederation
of Indian Industry (CII) said in a statement.
"The move to increase FDI caps in in these sectors will help
mobilise capital into these sectors, which the country needs and
would also improve the current account deficit situation, which
was becoming alarming. Purely, from a policy point of view as
well, yesterday's announcements followed by today's are an
indication that reforms are back," it added.
The Federation of Chambers of Commerce and Industry (FICCI) said
the decision reflected the resolve of the government to usher in a
retail revolution in the country and signalled to the investor
community that India is committed to furthering reforms.
"There are several benefits that would flow from this decision. We
will see infusion of new technology across the agriculture value
chain as well improvement in the back end infrastructure," said
R.V. Kanoria, president of the chamber.
The Apparel Export Promotion Council (AEPC) said it was a win-win
situation for everyone.
"With the amount of money to be invested in back-end, supply chain
and farm sector will benefit. This move would help bring in the
much needed capital for the sector. Even the small and medium
enterprises will benefit. Eventually consumers will get a lot of
choices and they will get products at better prices," said A.
Sakthivel, chairman AEPC.
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