Government of India has approved for a 51 percent Foreign Direct Investment in Multi-Brand Retail. India had been open to FDI for single-brand-retail for a while, but the move for muti-brand-retail FDI is a crucial one. This means Supermarket chains like Walmart can open their shops in India. Government sees this move as a measure to curb inflation by reducing the complexities in supply chain , while thousands of small retail investors see this move as an end of their business. Left parties are obviously against this move. They argue that this will lead to monopoly and this monopoly will lead only to high prices and consumers and small businessmen will finally be badly affected. But when even communist nations like China welcoming FDI in huge numbers, should we turn our back against FDI??
Does India need FDI in Retail?
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3 responses to “Does India need FDI in Retail?”
Who is afraid of the big bad wolf ?
If and when , Wal-Mart , Carrefour , Tesco arrive in India , who will be afraid of them ?
Certainly not all of the 50 million small retailers
There are many amongst them who are thoroughly transparent , honest and have a very high standard of business practices.
In fact , no foreign Super mart can even match their personalized service to their customers
The retailers who are afraid are the ones who engage in one or more of the following un-ethical practices :
Selling fake / duplicate goods
Selling sub-standard goods
Selling goods at a price higher than the M.R.P
Cheating on correct weights
Selling goods without bills / cash memos
Selling expired goods
Not subscribing to “ Packaged Commodities Act “
Not subscribing to “ Weights and Measures Act “
Selling same item at different prices, especially to poor illiterate customers
Refusing to accept genuine “ Returns “
Selling drugs without prescriptions
Passing off misspelled, poor quality “ Substitutes “
Selling PDS items for poor in black market
They are afraid because they will have to give up their un-ethical ways of making a fast buck by cheating their unsuspecting customers
As a customer , I support FDI in retail
But I will continue to patronize my honest corner grocery store !
With regards
hemen Parekh
http://www.CustomizeResume.com
Jobs for All = Peace on Earth
What ever the funds the foreign companies are bringing can be given by the Indian citizens so we do not need FDI . we r not the pauper countries of Africa in any manner. India is a country abundant in resources ,fund , human resource etc. so why does the Government need FDI ?
I personally thing that there is no need of FDI. Need to seek other beneficial options.