Business Daily from THE HINDU group of publications
Saturday, Feb 09, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Feb 09, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Foreign Direct Investment Marketing - Retailing Kamal Nath defends retail FDI policy Our Bureau Bangalore, Feb. 8 The Union Commerce Minister, Mr Kamal Nath, on Friday said that the government will continue to reduce customs duty but it will also ensure that every fiscal policy decision it takes stimulates economic growth. But he defended India’s policy on retail FDI stating that there was a need to protect smaller retail shops and the conditions in the country were different from other countries. “We need to see that the policy does not dislocate small retailers,” he told delegates at the India Sourcing Summit. He said the organised retail was not as big in India as it was in developed countries. Infrastructure priorityMr Kamal Nath said building a good infrastructure including roads was a priority for India. “Right now, we are building the highest number of kilometers per day. We are in the process of giving them (building roads) the highest priority,” he said. The Chinese model of building roads was based on creating employment in the urban sector where as in the case of India it was based on creating jobs in the rural sector. “India is a growth story not driven by exports but driven by the domestic market,” he said. Nearly 200 senior company executives are attending the sourcing summit with over 50 speakers, panellists and academics from across the globe. “We propose to institutionalise the India Sourcing Summit and look forward to working in partnership with the Government of India in organising future summits,” conference Secretary, Dr Constantin Blome said. More Stories on : Foreign Direct Investment | Retailing
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