New Delhi: Indian industry on Wednesday welcomed the the approval accorded by Lok Sabha to FDI in multibrand retail, saying it would send a strong signal to foreign investors and enable the government to take up further economic reforms.
“It is a welcome development. The country needs to move forward. We need to send a strong signal to foreign investors,” said FICCI president R.V. Kanoria.
Expressing similar sentiments, CII director-general Chandrajeet Banerjee said: “This move would definitely help the government in passing the other important and pending reform measures very quickly.”
Retailers Association of India also hailed the development saying it is “a big positive step”.
“This is one more step towards encouraging those who have been sitting on the fence to invest in India," Retailers Association of India chief executive Kumar Rajagopalan said.
He, however, said there were other issues, like not all states allowing FDI in multi-brand retail, which need to be resolved for more foreign investments to come in the sector.
Pantaloon Retail India joint managing director Rakesh Biyani said: “This is a welcome development and we hope that the policy will be implemented soon. FDI will be good for the Indian retail sector.”
The decision to allow FDI in multi-brand retail got the approval of the Lok Sabha as the Opposition motion seeking immediate withdrawal of the decision was rejected convincingly.