October 15, 2012 9:35 PM

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India will attract USD 700 billion investment through FDI in retail: Narayanswamy

Union Minister of State in Prime Minister's Office (PMO) V Narayanswamy has said India will attract at least 700 billion US dollar investment investment in the next few years through foreign direct investment (FDI) in retail sectors.He said it will also create more than two crore employment opportunities in the next three years.Talking to media persons at Bhuhaneswar on Monday, Mr Narayanswamy said 54 cities with 10 lakh and above population in the country will have mulit-brand retail stores soon.He said farmers and consumers will be immensely benefited through FDI in retail sectors. He said 10 to 12 per cent of China's total investment count investment on multi-brand retail sector, Mr Narayanswamy said the decision of the Centre to allow FDI in retail sectors will help the country in achieving 9 per cent growth and uplift the economy in a great way.He called upon the BJP and other political parties opposing the FDI in retail sectors to support the decision of the Centre.

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