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Need FDI in multi-brand retail to check inflation - adviser
People are pictured inside a shopping mall in Mumbai July 28, 2007.
Credit: Reuters/Sima Dubey/Files
NEW DELHI, |
NEW DELHI, (Reuters) - India needs to bring in foreign direct investment in multi-brand retail to control inflation, chief economic adviser to the finance ministry, Kaushik Basu, said on Friday.
India's retail sector is largely closed to foreign firms and favours small family-run stores, with 51 percent of foreign direct investment allowed only in the single-brand retail sector. Multi-brand retail is restricted to cash-and-carry or wholesale outlets.
Headline inflation in April was at 8.66 percent despite nine rate hikes by the Indian central bank since March 2010.
(Reporting by Manoj Kumar and Rajesh Kumar Singh)
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