National seminar on FDI in Retail inaugurated

VASCO: Industrialist and President of Goa Chamber of Commerce and Industry (GCCI) Narayan Bandekar on Friday inaugurated the National Seminar on FDI in Retail, organised by the department of Commerce of MES College of Arts and Commerce at Zuari Nagar. The two-day seminar, sponsored by UGC and ICSSR students and researchers from across the country, will deliberate on pros and cons of FDI in retail market in India. In his address, Bandekar said that the retail market contributes about 14-15% of GDP. “India offers an opportunity to global brands to set up their infrastructure through FDI. Due to inadequate warehousing and other storing facilities, India faces a great challenge to store its produce from various sectors,” he said. “Due to the climatic condition, certain products cannot be stored properly and products lose its quality. However, with government allowing FDI in the country, it will not only eliminate the middle men who amass huge wealth at the cost of the farmers, but FDI will also boost the economy of the country,” said Bandekar. He, however, urged the government to have checks and balances in place so that small retailers are not wiped out by the FDI in retail sector. Keynote speaker Kirit Maganlal, chairman of Magsons, said that FDI’s in the country would not only boost economy of the country, but would also generate employment. “FDI is not only in retail sector but also in insurance, airports, automobiles and various other fields. India is the third largest economy in the world and other countries are waiting to invest through FDI in different sectors.”