Farm scientist Swaminathan favours FDI in multi-brand retail with safeguards

Says agriculture in rural India is crying for investment

Noted farm scientist M S Swaminathan today supported the government decision to allow 51% FDI in multi-brand retail, saying that rural areas require investment.

He, however, suggested that the states going for it should devise safeguards to protect the interests of farmers.

Earlier this month, the government had allowed 51% FDI in multi-brand retail, despite protest from allies and the Opposition.

"Agriculture in rural India is crying for investment. Whether home investment, international investment, UN bodies, World Bank, agriculture and rural occupations are crying for investment. Any investment that can stimulate agriculture is welcome," he told reporters here.

Swaminathan, who is considered the father of green revolution in India, said, "It is known that any investor making an investment is not guided by philanthropy but commerce. So, it depends how you administer the investment".

"The Union Government has given opportunity for state governments to decide whether they want FDI in multibrand retail or not. States going for it can devise safeguards to protect the interests of farmers," Swaminathan, who is a nominated Member of Parliament (MP) from Rajya Sabha, said.

If the retail giants can source their raw material from local farmers, it will ensure an assured income for their produce, he said.

Swaminathan was here in connection with the 40th anniversary of International Crops Research Institute for the Semi-Arid Tropics (ICRISAT).

Nigel Poole, Chair of ICRISAT's Governing Board, and its Director General William D Dar spoke in favour of FDI in multibrand retail citing their success in African countries.