Basu welcomes state autonomy in FDI in retail
Kolkata: Strongly advocating FDI in multi-brand retail in India, World Bank Chief Economist Kaushik Basu today welcomed the decision to allow states to take a call on it.
"I like autonomy for states to take decision. There will be some disparity, but it is worthwhile because you allow states to adopt policy. This will be like a laboratory experiment whether it is worthwhile or not," Basu said at the sidelines of a seminar at IIM-Calcutta.
"In the next few years, we`ll see whether the states that adopted FDI are doing good or bad. If we see these states are doing good, the hesitant states will open up and if doing bad then it would be a lesson for everyone," Basu said.
As of now only ten states in the country have endorsed the Centre`s decision to allow FDI in multi-brand retail.
Basu said every new policy would come with some negative effects, but positive impacts were far greater than negative. And for that it was worth going for it.
Basu said FDI in multi-brand retail would benefit farmers the most on the prices front with minimal impact of the rise on consumers. Besides, it would benefit small producers in exports through the retail MNCs.
He said reforms were necessary for the country and some negative impacts like side-effects of a medicine were needed for treatment. "You have tools to manage those," he said.
More from India
More from World
More from Sports
More from Entertaiment
- 24 dead after boat carrying 40 capsizes in river Ganga in Patna; many still missing
- My father wanted me to be a man of character: Navjot Singh Siddhu
- Dr Subhash Chandra Show: What characteristics define a true leader?
- Tourists flock to Manali as snowfall takes a short break
- Is Akhilesh Yadav overlooking Muslims as Mulayam Singh alleged?
- Abhishek Bachchan reveals the moment when Aishwarya Rai said 'yes' to him
- India vs England, 1st ODI: As it happened...
- India vs England, Pune ODI: MS Dhoni still the boss; convinces Virat Kohli with spot on DRS call — WATCH
- India vs England, 1st ODI: Ravichandran Aswhin steals the show with huge six — WATCH
- Petrol price hiked by 42 paisa per litre, diesel by Rs 1.03 a litre