Kolkata: Backing foreign direct investment (FDI) in multi-brand retail in India, Nobel laureate economist James Mirrlees Tuesday said opening up of the sector to multinational companies is expected to boost the country's economy.
"Yes, that is my assumption," Mirrlees said to queries whether the government's decision to allow FDI in multi-brand retail would help the Indian economy perform better.
Observing that opening up of the sector to the global retail giants would bring in more value-addition, the Britain-based Scottish economist said: "It seems to me that the Indian consumers are bound to benefit from it."
Mirrlees, however, conceded that small shop keepers might face some problems after the foreign retailers were allowed to open stores in India.
The renowned economist, winner of the 1996 Nobel Prize, is currently the emeritus professor of political economy at the University of Cambridge.