The Indian National Overseas Congress (INOC-I) USA has backed the government move to allow foreign direct investment
(FDI) in multi-brand retail, saying the move will help
spur India's economic growth.
The body also accused political parties opposing the decision of being short-sighted.
"We strongly believe just as Prime Minister Manmohan Singh has said in his statement that this move will help to spur economic growth and create jobs. Undoubtedly, this will send a clear message to the global community as well that India is ready for prime time when it comes to Investments and Trade," said George Abraham, INOC (I) USA president.
In its statement, INOC (I) said
this much needed reform will also help the consumer who is hit with an 8 per cent inflation in the month of August mainly for food items and "we also expect to see quality improved with products delivered to the market place and the farmers getting a bigger share of the pie".
It said political parties are short sighted in their opposition to FDI and they seem to put the interests of the middlemen ahead of the consumer who were raking in profits at the expense of the farmer.
"The retail reform will allow
global firms such as Walmart stores to hold a majority stake in a local partner and sell directly to consumers for the first time and it has the potential to transform India's $450 Billion retail market and tame inflation," the statement said.
With inputs from PTI 
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