You are here: Home » Economy & Policy » News
Business Standard

Need more debate on FDI in retail: Gadkari

BS Reporter  |  New Delhi 

Nitin Gadkari

Once it comes to power, the Bharatiya Janata Party’s (BJP) focus areas would be infrastructure, agriculture, power and housing. Also on the cards is diversifying agriculture into energy and power sectors to help farmers generate more income, apart from reconsidering opening up the economy to multi-brand retail.

This was conveyed by BJP president Nitin Gadkari in an interview to India Inc, a London-based portal, ahead of his six-day visit to London.

About retail, Gadkari said, “The BJP has always been at the forefront of economic reforms and believes the government’s role is confined to drafting sound laws and enforcing them strictly. The actual job of carrying out economic activities should be left to non-governmental business enterprises. BJP is not against FDI per se, and has always welcomed foreign investments in areas where large-scale capital investment or advanced technology is involved,” he said.

The retail sector was somewhat different in India, he said. Organised retail formed less than 15 per cent of the sector, the rest being unorganised small retailers. This large-scale unorganised sector had generated huge employment across the country, he added.

“Several reports and studies have given the perception that if organised multi-brand retail sector is opened to foreign investments, it may hamper the interests of these small, unorganised retailers. Therefore, the BJP suggests the need for more debate on the subject so that their interests are protected, even as adequate funds are made available to the organised retail sector to grow,” he said.

In recent times, large-scale corruption at the highest level had dented India’s image as an attractive investment destination, Gadkari said. “The country needs a proactive approach, fast-track decision making, transparency, accountability in governance and reducing red tapism. These things are key to good governance,” he said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, July 17 2011. 00:59 IST