FDI in multi-brand retail will create more jobs: Tharoor

Backing Central government's decision to allow Foreign Direct Investment (FDI) in multi-brand retail, former union minister Shashi Tharoor today said that it would generate additional employment opportunities.

Backing Central government's decision to allow Foreign Direct Investment (FDI) in multi-brand retail, former union minister Shashi Tharoor on Sunday said that it would generate additional employment opportunities.

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"Most countries have understood from experience that FDI brings in more investments from abroad. In most countries, FDI is a way of contributing to additional employment," the former minister of state for external affairs said on the sidelines of a function at the National Institute of Design (NID).

"As more capital comes in, more institutions or shops and stores are established and you need more people to run them. In fact, when the change in development comes you have to look at aggregate good," he said.

Tharoor though admitted that the move might affect some domestic businesses initially, he observed that the small shop owners could also benefit and flourish if they change their approach.

"It is possible that some people might be immediately affected. But larger number will benefit," he said.