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.

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.

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“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.

“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.