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FICCI on Wednesday welcomed the opening up of FDI in multi-brand retail.
According to R.V. Kanoria, President, FICCI, the decision would help improve competitiveness of Indian players and benefit the retail sector.
Fear that small traders and mom-and-pop stores would go out of business once foreign players come in is misplaced. “On the other hand we might see the small traders co-exist with big format retail. Traders need to be convinced that they will not go out of business,” he said.
According to Kanoria, FICCI will take-up discussions on FDI in retail at an industry meeting scheduled on November 17 in Delhi.
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