FDI in retail: Govt says it will create more jobs

Defending the Governemnt's decision to allow FDI in retail up to 51 per cent foreign equity in multi-brand retailing and 100 per ent in single-brand format, Commerce Minister Anand Sharma on Friday said the move will not only help farmers but also create jobs.

Addressing a press conference, the minister said the decision was taken after a year-long debate and consultations with all stakeholders in the most transparent and democratic manner.

"The minimum investment in multi-brand retail will be $100 million. This is minimum and not the maximum. Fifty percent will be in developing rural infrastructure," Sharma said. "Thirty percent of sourcing will be from small and medium enterprises."

US corporates hail Govt's move to allow FDI in retail

Incidentally, the press conference was held soon after both houses of parliament were adjourned for the day after opposition parties, led by the Bharatiya Janata Party and the Left Front, disrupted proceedings protesting the decision on FDI in retail trade.

The cabinet faced stiff opposition on Thursday from within and outside to allow FDI in retail.