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LATEST NEWS UPDATES | Parekh, Ganguly ask India Inc to back govt’s FDI in retail move

Parekh, Ganguly ask India Inc to back govt’s FDI in retail move

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published Published on Dec 4, 2011   modified Modified on Dec 4, 2011

-The Times of India

 

HDFC chairman Deepak Parekh and Member of Parliament Ashok Ganguly have appealed to Corporate India to come out strongly in support of a besieged government, which is overwhelmed by opposition to its proposal to open up foreign investment in retail.
 
The two senior business leaders are part of a group of 14 eminent citizens who came together to raise the issue of policy paralysis and later on the Lokpal Bill.
 
In a joint statement titled "The false dangers of FDI in modern retail trade" the two have made a call ".. to the saner sections of Corporate India to come out and strongly support progressive measures and reforms with the same spirit and gusto with which we take the liberties to criticize policies or issues we do not appreciate" .
 
Coming out in support of the move to allow FDI in retail, the statement said: "Modernization of retail trade is an essential part of India's growth story. It is well known, from experiences of countries such as China, Indonesia and several others, that modern retail trade and traditional traders can, and do, prosper side by side, raising employment along the supply chain, improving farm incomes, reducing spoilage and delivering affordable products to consumers."
 
On the reason why only the two were issuing a statement, Parekh said that the group of 14 will discuss these issues but because the group meets only once in a while it was decided that Ganguly and he would issue a statement. "We felt very strongly about this because we had raised the issue of policy inaction and now that they are trying to do something there is so much opposition. What is happening today is disruption not dissent," said Parekh. He added that industry was unanimously in support of FDI in retail and so were Indian farmers.
 
"Nowhere in the world is there a four times difference between what the farmer gets and what the retailer pays," he said. According to the two leaders , opposition to FDI is coming from vested interest to the detriment of the majority. It points out that indigenious retail outlets - the kirana stores -suffer more because of political bandhs than because of competition. "FDI in retail has not been a sudden decision taken by the government. On the contrary, the idea has been toyed with for over 14 years. Detailed discussions with various stakeholders have been held, experts consulted and studies commissioned based on international experiences of organized retailing."
 
"What is intriguing and bewildering is that the false alarm of FDI is continuing to be used after so many years, as a bogey in modern times against foreigners and foreign investment," it said.
 
The statement comes at a time when filibustering over the bill to allow foreign investment in retail has derailed Parliament functioning.
 
"There are 32 bills in this Winter session of Parliament for consideration and passing, many of which are of far greater consequence and importance for the country than FDI in retail. The protests on FDI in retail are misconceived and unfortunate , but hope to salvage this situation should not be lost," the statement said.

The Times of India, 5 December, 2011, http://timesofindia.indiatimes.com/business/india-business/Parekh-Ganguly-ask-India-Inc-to-back-govts-FDI-in-retail-move/articleshow/10987744.cms


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