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FDI will boost economic growth,generate employment: PM Manmohan Singh

PM justified decisions on allowing FDI in multi-brand retail and some other areas.

Written by Agencies | New Delhi |
September 14, 2012 8:56:47 pm

Prime Minister Manmohan Singh today justified the decisions on allowing FDI in multi-brand retail and some other areas,saying these were aimed at pushing economic growth and generating employment in “difficult times”.

He said the steps had been taken in national interest and sought support of all segments on this.

“The Cabinet has taken many decisions today to bolster economic growth and make India a more attractive destination for foreign investment,” Singh said in a statement,justifying the step to liberalise FDI in multi-brand retail,aviation,broadcasting and power.

“I believe that these steps will help strengthen our growth process and generate employment in these difficult times,” the Prime Minister said,adding,”I urge all segments of public opinion to support the steps we have taken in national interest.”

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His statement came after the government took major steps for reforms by allowing 51 per cent FDI in multi-brand retail,49 per cent investment by foreign airlines in aviation sector and sale of equity in four PSUs.

These decisions evoked angry reactions from UPA’s crucial constituent Trinamool Congress,allies SP and JD-S as well as opposition parties like BJP and Left.

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