Indian PM : FDI in retail sector will benefit farmers

Indian Prime Minister Manmohan Singh reiterated Saturday that foreign direct investment in retail sector would benefit farmers and consumers, a day after the Upper House of Parliament gave its approval to the government's decision to allow FDI in multi-brand retail chains. "The foreign direct investment (FDI) in retail will help introduce new technologies in agri-marketing and will benefit farmers and consumers," Singh said while addressing a function at Punjab Agricultural University in the northern city of Ludhiana. Singh claimed that various farmers' organizations have also backed FDI in retail. "Our decision to allow FDI in retail, which was approved by Parliament, was strongly supported by farmer organizations in Punjab," he said. Indian Parliament this week approved the government's decision of allowing FDI in retail sector after fierce debate. On Wednesday the Lower House of Parliament (Lok Sabha) endorsed the decision by a majority vote, while on Friday the Upper House of Parliament ( Rajya Sabha) gave its nod to the decision.