Making a strong case for FDI in India’s multi-brand retail, Indian Commerce and Industry Minister Anand Sharma has said that entry of global retail giants would help create millions of jobs and not weaken the unorganised sector as feared. Dismissing “septics and scare mongers” who say FDI in the sector would lead to job losses, Sharma said “it (FDI) will generate millions of jobs from sorting to processing to packaging to marketing”.
“I do not see a situation where the unorganised retail sector will be weakened (by allowing FDI) because they are also moving, modernising and competing,” he said. He was here to participate in the ‘India Show’organised by industry body CII. The Department of Industrial Policy and Promotion (DIPP), under Sharma’s charge, had floated a discussion paper on FDI in the sector and is in the process of formulating a policy. Read more