Murthy voices support for FDI in multi-brand retail

IT czar NR Narayana Murthy today voiced his support for FDI in multi-brand retail, saying any initiative that brings new technologies and benefits consumers is welcome.

"It is a well-known fact that bringing in technologies in retail sector is good for consumers. Today in this country, an estimated 30-35% of foodgrains rots in distribution channels. We do not have sufficient cold storage units. We do not invest much in technologies for retail market," he said.

"Any mechanism that will ensure benefits to consumer, any mechanism that will ensure that we do not waste foodgrains, any mechanism that helps the poorest of the poor is a welcome step," the Infosys Tech Co-founder said at a press meet when asked about the government's decision (now put on hold) to allow foreign players in multi-brand retail.

Murthy is here to take part in the Indian Management Association (IMA) conclave, which began today.

Asked about social activist Anna Hazare's anti- corruption agitation, the veteran technocrat said he was in favour of a strong Lok Pal Bill.

On depreciating rupee against US dollar, Murthy said, "Global economy was slowing down and this was reflected in India also. India needs to sustain its high growth rate. The rupee will go up and down against the dollar. It [sharp fall] is a temporary phase for the currency."

Asked about the prospects of him becoming President of the country, he said "That is a very hypothetical question. There is an electoral college which decides who will occupy such posts."

Earlier, IMA presented Lifetime Achievement Award to Murthy for his contribution to the IT world.