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The debate on opening up FDI in multi-brand retail took centre-stage on day one of the India Retail Forum in Mumbai on Wednesday. Representatives of modern retail made the case for FDI in order to facilitate expansion, even as trader associations opposed the idea.
Mr Kishore Biyani, Founder and Group CEO, Future Group, noted, “The major issue of controversy between the Government and industry is on the food business, which impacts 65 per cent of the population. Modern retail drives consumption of processed foods, which promotes economic activity. Processed food cannot be sold at mom-and-pop stores. Impetus to modern retail will come from FDI, because foreign investors in retail have a long-term perspective - they look at a horizon of 10 to 20 years, unlike domestic investors.”
Mr Viren Shah, President, Federation of Retail Traders Welfare Association, and Mr B.C. Bhartia, National Federation of All India Traders, alleged that the interests of small traders would be compromised with the allowing of FDI.
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