New Delhi:
Foreign equity in multi-brand retail is good for the country and would not uproot small shopkeepers, said Rajya Sabha independent member and former chairperson of Hindustan Lever Ashok S. Ganguly.
Quoting studies, he said during the Rajya Sabha debate on the subject that post-harvest losses in India amounted to Rs.53,000 crore.
Bringing in FDI in retail would help in tackling the huge losses, he said.
Mr Ganguly maintained that since FDI was to be allowed only in big cities, the high rentals and land prices would prohibit many multinationals from setting up shop.
"In all cities, there are small 'kirana' shops functioning side by side with big brands," he said, adding that FDI would help "local kiranas thrive and reduce farm wastage".