<p>The message was conveyed by Commerce and Industry Minister Anand Sharma to Wal-Mart CEO Mike Duke and Tesco Chief Executive Terry Leahy here on the sidelines of the World Economic Forum meeting.<br /><br />"Multi brand can only come when the back-end infrastructure is created, that is where the farmer will get the remunerative prices at the door step.<br /><br />In addition, tens of millions of jobs will be created. You cannot say that I will have a front end in the absence of a back-end infrastructure," Sharma told reporters here.<br />Asked over the concerns of the retailers over policy delay on FDI in multi-brand retail, he said, "nobody is saying that the entire value chain will not be created. For India, investors will have to work out their individual model".<br /><br />Sharma said his broad message to them was: "that every investment is an act of trust...Believe in India and you will not go wrong."<br /><br />Asked how long will it take to take a decision on the FDI in retail, he said there cannot be any timelines.<br /><br />In July last year, the Indian Government had floated a discussion paper on liberalising the politically-sensitive multi-brand retail. The sector employing over about 33 million people is dominated by mom and pop stores.<br /><br />The minister said the investors need to devise India- -specific model and replicate.<br />Besides, it was pointed out to them that there has to be a minimum investment in back-end and "job creation and at least half of them in the rural areas," he said.<br />While FDI in multi-brand retail is prohibited in India, foreign investment in single brand retail -- since being opened in April 2006 -- is about Rs 900 crore, said the paper, on which comments are invited by July 31.<br /><br />Pointing that India was losing agri products, fruits and vegetables to the tune of Rs one lakh crore annually, the discussion paper said that establishment of cold chains and back-end infrastructure could cut down the losses by more than half.<br />As per the Indian Planning Commission, infrastructure for the farm sector such as cold chain would need an investment of Rs 64,312 crore.</p>
<p>The message was conveyed by Commerce and Industry Minister Anand Sharma to Wal-Mart CEO Mike Duke and Tesco Chief Executive Terry Leahy here on the sidelines of the World Economic Forum meeting.<br /><br />"Multi brand can only come when the back-end infrastructure is created, that is where the farmer will get the remunerative prices at the door step.<br /><br />In addition, tens of millions of jobs will be created. You cannot say that I will have a front end in the absence of a back-end infrastructure," Sharma told reporters here.<br />Asked over the concerns of the retailers over policy delay on FDI in multi-brand retail, he said, "nobody is saying that the entire value chain will not be created. For India, investors will have to work out their individual model".<br /><br />Sharma said his broad message to them was: "that every investment is an act of trust...Believe in India and you will not go wrong."<br /><br />Asked how long will it take to take a decision on the FDI in retail, he said there cannot be any timelines.<br /><br />In July last year, the Indian Government had floated a discussion paper on liberalising the politically-sensitive multi-brand retail. The sector employing over about 33 million people is dominated by mom and pop stores.<br /><br />The minister said the investors need to devise India- -specific model and replicate.<br />Besides, it was pointed out to them that there has to be a minimum investment in back-end and "job creation and at least half of them in the rural areas," he said.<br />While FDI in multi-brand retail is prohibited in India, foreign investment in single brand retail -- since being opened in April 2006 -- is about Rs 900 crore, said the paper, on which comments are invited by July 31.<br /><br />Pointing that India was losing agri products, fruits and vegetables to the tune of Rs one lakh crore annually, the discussion paper said that establishment of cold chains and back-end infrastructure could cut down the losses by more than half.<br />As per the Indian Planning Commission, infrastructure for the farm sector such as cold chain would need an investment of Rs 64,312 crore.</p>