FDI in retail to create over 10 million jobs in 3 years: Govt

Posted By: Staff
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FDI in retail to create over 10 million jobs in 3 years: Gov
New Delhi, Nov 25 (PTI) The government today asserted that opening up of multi-brand retail for foreign players will create over 10 million jobs in the next three years, brushing aside all criticism, including from key UPA ally Trinamool Congress.

"My initial estimates are that it will create over 4 million jobs in the country and in logistics about 5-6 million jobs in three years," Commerce and Industry Minister Anand Sharma told reporters here.

The guidelines regarding the decision to allow 51 per cent FDI in the multi-brand retail will be issued by next week, the minister said adding "I expect billions of dollars of FDI will come in the sector".

He also said that the steps taken by the government will help Indian farmers "immensely" and would also help in creating jobs in sectors like agro and food processing and bring FDI to build infrastructure.

He,however, said that all proposals relating to multi-brand retail would be cleared by by Foreign Investment Promotion Board (FIPB) and the retailers would have to take license from the respective state governments to set up the stores.

The decision has been criticised by the entire opposition which was also joined by UPA ally Trinamool Congress on the issue.


Read more about: fdi, retail, government, investment
Story first published: Friday, November 25, 2011, 15:45 [IST]
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