Haryana CM Hooda hails FDI in retail

Chandigarh/ Moradabad, Nov 30 (ANI): Hailing Foreign Direct Investment (FDI) in multi-brand retail, Haryana Chief Minister Bhupinder Singh Hooda has said the move would generate employment among farmers and benefit them.

Talking to reporters here, Hooda said this decision would help build infrastructure and eventually create a competitive market.

"For instance, the vegetables that farmers produce and fruits generally get wasted, this happens all over the country. This move will prove beneficial because processing plants will be set up, so that will help generate employment. In fact, for the Haryana farmers, Delhi is the main market. If the processing unit is set up somewhere close to the farmer's house, then he is definitely going to benefit from this," he added.

He further asserted that as 50 per cent of the investment was proposed in the rural sector, it would help build infrastructure including setting up of cold chains, which would aid in cutting down losses arising out of destruction of large quantities of fruits and vegetables due to lack of storage facility.

Meanwhile, actor-turned-politician Jayaprada said she would give her nod to the government's decision, only if the security of farmers and small traders is not compromised.

"The real issue is that the general traders must be provided security and given ample protection. After that, if any company wants to come, then the government must give an assurance that what kind of security is being given to small traders? Then only we will talk, because everyone is opposing, so we will oppose, no this is not the case, he will oppose accordingly," she added.

On Tuesday, an all-party meeting convened by the Centre over the FDI issue ended inconclusively with the opposition demanding a rollback.

Last Thursday, the Cabinet approved 51 percent FDI in multi- brand retail, As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.

The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Owners of brands like Adidas, Gucci, Hermes, LVMH and Costa Coffee can have full ownership of business in India.

Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor. (ANI)