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CITI Chairman: 51% FDI in retail to boost Indian economy

17
Sep '12
Confederation of Indian Textile Industry (CITI) has whole heartedly welcomed the government decision to allow 51 percent investment in multi brand retailing. In a statement here, Mr. S.V. Arumugam, Chairman of the Confederation thanked Mr. Anand Sharma, Minister of Commerce, Industry and Textiles for his tireless efforts to get this important economic reform through, in spite of uninformed opposition from several quarters and stated that the decision would encourage organised retailing, which in turn would result in more centralised procurement operations, improved supply chain management and reduced involvement of middlemen between producers and retailers. 

While producers including farmers would get higher remuneration, consumers would get the finished products at more competitive prices with the elimination of exploitation by middlemen. 
 
Mr. Arumugam stated that all over the world, textiles business depended heavily on organised retailing for efficient distribution systems and supply of garments and home textiles to consumers at low cost. In India, fabrics are also a major retail item. 
 
Economies of scale in both procurement and distribution would reduce cost for businesses and prices for consumers, especially for textile products which are basic needs of the masses. This would also push up consumption to the benefit of the economy as a whole. Mr. Arumugam hoped that the necessary measures for implementing the decision would be taken immediately by government.

Confederation of Indian Textile Industry (CITI)


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