FDI in retail good for economy: CII

Foreign investment in multi-brand retail would help the overall economy of the country,CII President B Muthuraman said.

“It is a good move and the Confederation of Indian Industry (CII) welcomes it. The investments would do good for the overall economy and trigger job creation,” Muthuraman,who was here to inaugurate a new office premises for the local chapter of CII,said.

The government on Thursday allowed 51 per cent foreign investment in the multi-brand retail and 100 per cent in single brand format.

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Asked if he foresees a down trend in the rising inflation,he said it “doesn’t look like it”.

Addressing the CII members earlier,Muthuram had said CII has to play a larger role than merely helping the industry by contributing to India’s growth.