Retailers want speedy reforms to allow FDI in multi-brand

Retailers want speedy reforms to allow FDI in multi-brand

Future Group CEO Kishore Biyani told PTI that further opening of FDI in retail would help to set up strong systems and check inflation.

"We are all waiting," he said referring to a recommendation by the inter-ministerial group (IMG) on inflation headed by Chief Economic Advisor Kaushik Basu for opening up multi-brand retail to foreign investors and changes in agriculture marketing laws to check the rate of price rise.

"In the new India there is a demand for various goods and services for which there is a need to build new systems and modern retail can do that," Biyani added.

Calling for urgency in relaxing the FDI norms further, Retailers Association of India CEO
Kumar Rajagopalan said: "We have been mooting this idea (relaxation of FDI) for a long time now and there is an impression that the government is serious about it, but there has been a lot of delay."

He said FDI in retail should be able to bring retailers to invest in back-end and supply chain.

"A robust supply chain will narrow the gap between producers and retailers. This will bring down the number of transactions, thus bringing down the prices for consumers," Rajagopalan added.

He, however, said there is uncertainty among the retailers as to when FDI in multi-brand would be allowed. "We do not know when will it really happen...," he said.