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FIEO welcomes support for multi-brand FDI in retail

Posted on Dec 08, 12:08PM | UNI

Federation of Indian Export Organisations (FIEO) today complimented the UPA government for winning vote on multi-brand retail in Parliament, saying it will be harbinger of new reforms in the country.

FIEO president M Rafeeque Ahmed said the economic reform should be pursued with full vigor to attempt inclusive growth.

The investment through FDI route will provide stability to Indian Rupee, which is witnessing high volatility in the current year. "This will also help in managing the current account deficit which is becoming unmanageable," said Mr Ahmed.

The FIEO president said multi-brand retail will indirectly help export sector, as exporting units will get exposed to new trends emerging on the globe and will be accessing large departmental stores for exports of quality products from the country.

Textile, leather, gems and jewellery, handicraft, carpets and other lifestyle products will be immensely benefitted from the FDI, the FIEO president said in a release issued here.

Investment in supply chain will address problem of storage, refrigeration, and transportation giving boost to floriculture, horticulture, and viticulture exports.