Tuesday, November 29, 2011

PM defies calls for rollback of FDI in retail sector (Reuters)

NEW DELHI (Reuters) ? Fighting-off demands for a U-turn on allowing foreign investment in supermarkets, Prime Minister Manmohan Singh said on Tuesday that the policy would bring jobs and technology to farmers.

"I am confident that foreign direct investment in retail will help to bring modern technology in the farm sector, less wastage and more jobs," he said at a rally.

Opposition parties and Singh's own political allies are demanding a rollback of the reform allowing foreign supermarket giants to enter the country's $450 billion retail market.

Parliament is in deadlock over the issue, clouding the outlook for an ambitious agenda of legislation, including an anti-corruption bill and another on food subsidies for the poor.

(Reporting By Manoj Kumar; Writing by Frank Jack Daniel)

Source: http://us.rd.yahoo.com/dailynews/rss/india/*http%3A//news.yahoo.com/s/nm/20111129/india_nm/india607833

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