Don’t miss the latest developments in business and finance.

FDI in retail to benefit Indian farmers, citizens: US

Image
Press Trust of India Washington
Last Updated : Jan 21 2013 | 1:22 AM IST

Supporting the ongoing discourse in India over the issue of FDI in the retail sector, a top US officials has said even though he believed the reform would would benefit Indians, he would refrain from advising them on the issue.

"I think they have to work through their domestic political process and I don't want to comment on their internal affairs at this point," said Robert Hormats, the Under Secretary for Economic Growth, Energy, and the Environment.

Responding to questions about the move of the Union Cabinet to put on hold its decision with regard to FDI in the multi-brand retail sector till the time a consensus is developed among all its stake holders, Hormats said that the United States has been discussing the issues with India for some time.

"The Indians are working it through their process. I think the Indians know our position. They know the benefits that we think would result from allowing this multi -brand retailing to take place in India," he said.

"I think they (India) know our view that it would be very beneficial to Indian farmers, Indian citizens, Indian consumers in general.

"But the details of how the Indian Government and the Indian Parliament and the Indian officials work this through, I think I'll leave to the Indians and not try to advise them on how to proceed," he said.

Later at another news conference, State Department spokesman Mark Toner asserted that this is a "domestic Indian issue" and it is not for the US to comment on it.

"We understand the government's decision to allow time for a consensus to be forged. You know, we believe that this is a deal that's in both our countries' interests," he said.

"I'm neither happy nor disappointed," Toner said when asked if the US is disappointed with the decision of the Indian government to put on hold FDI in retail.

Also Read

First Published: Dec 09 2011 | 3:17 PM IST

Next Story