Montek Singh Ahluwalia backs FDI in retail

Mumbai, June 9 (ANI): Deputy chief of Planning Commission, Montek Singh Ahluwalia, said the Foreign Direct Investment (FDI) in the retail sector would provide impetus to Indian entrepreneurs, here on Saturday.

"I am in favour of allowing the FDI in retail. It shouldn't be the case that the modernisation of retail is beyond the capability of Indian enterprise. Personally I think that the great value of FDI in retail is that it will stimulate a lot of our own entrepreneurs," Ahluwalia said.

Commenting on the inordinate delay in implementing the FDI in retail, he anticipated "other critical constraints", adding that there were no central government constraints over the issue.

"May be they are other critical constraints, may be National Bank for Agriculture and Rural Development (NABARD) and others feed back to us, we can talk to the state government. There is no central government constraint on this at all. It could be land availability, it could be the essential commodities act," he added.

India suspended plans to open its $450 billion supermarket sector to foreign firms such as Wal-Mart Stores, backtracking from one of the government's boldest reforms in years in the face of a huge political backlash. (ANI)