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FDI in retail will benefit farmers, consumers : PM

Posted on Dec 08, 07:27PM | UNI

Prime Minister Manmohan Singh today said Foreign Direct Investment (FDI) in retail sector would benefit farmers and consumers in the country and it would introduce new technology and investment in marketing agricultural produce.

In his address at the Punjab Agricultural University in Ludhiana, the Prime Minister who was also awarded a Doctorate in Science, said India must take full advantage of modern technology and the operational and management experience of big supply chains in the food retail business to make this happen.

He was speaking at the Golden Jubilee Convocation of the Punjab agricultural University in Ludhiana.

The Prime Minister said the decision to allow FDI in retail, which was approved by Parliament yesterday, was strongly supported by farmer organisations in Punjab.

"It (FDI) will, I suggest, introduce new technology and investment in marketing agricultural produce. India, I sincerely feel, must take full advantage of modern technology and the operational and management experience of big supply chains in the food retail business to make this happen. I am confident that it will benefit our farmers, and the consumers of our country," he said after receving the Doctorate from Punjab Governor Shivraj Patil.