Corporate America hails Indian government’s FDI reforms | business | Hindustan Times
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Corporate America hails Indian government’s FDI reforms

Corporate America on Thursday welcomed the move of the Indian cabinet to permit foreign direct investment (FDI) in multi-brand retail and remove the cap on FDI in single-brand business, noting that it will help bring down inflation and create thousands of jobs.

business Updated: Nov 25, 2011 22:58 IST

Corporate America on Thursday welcomed the move of the Indian cabinet to permit foreign direct investment (FDI) in multi-brand retail and remove the cap on FDI in single-brand business, noting that it will help bring down inflation and create thousands of jobs.

“The singular act of opening the multi-brand retail sector to foreign direct investment will significantly benefit the Indian consumer by spurring the modernisation of India's vast agri-retail marketplace,” said Ron Somers, president of the US India business council.

"Investments will now flow into India’s farm-to-market supply chain, which will usher in expertise and bring efficiencies to India’s supply chain infrastructure. Food price-rise and inflation will now effectively be tamed," he said. http://www.hindustantimes.com/Images/HTEditImages/Images/26-11-11-buss26.jpg

“Opening the retail sector will create a larger market opportunity for Indian farmers, increasing quality and choice for India's sophisticated consumers,” Somers said.

“This change in policy is a good start to a win-win decision for all stakeholders, including customers, farmers and the government of India,” said Dough McMillion, president and CEO, Walmart International.