Chandigarh:
Batting for Foreign Direct Investment (FDI) in retail, US Ambassador to India Peter Burleigh today said it will not affect small traders and rather help both consumers and farmers.
"I think examples around the world countries which have FDI in retail, which are some very important economic countries including China are... the concern that small traders and small merchants in villages and towns will be badly impacted by this (FDI into multi-brand retail) that ...they will not be competitive, it has turned out to be not true," he said at a Rotary Club function in Chandigarh.
Stating that though it was an obvious concern of small retailers, he said, "I do not think if FDI were increased by whatever amount, we will see difference with regard to small kiranas that exist all over the country."
Backing FDI in multi-brand retail, he said that it would be in the interest of both consumers and farmers.
"What would change (with 51 per cent FDI into multi-brand retail), I think, that prices for consumers would go down you can have stable prices for farmers over time," he said.
However, he said it is the Indian Government, political parties and people who would have to decide on this issue.