FDI in retail good for economy: CII

COIMBATORE: Foreign investment in multi-brand retail would help the overall economy of the country, CII President B Muthuraman today said.

"It is a good move and the Confederation of Indian Industry (CII) welcomes it. The investments would do good for the overall economy and trigger job creation," Muthuraman, who was here to inaugurate a new office premises for the local chapter of CII, said.

The government on Thursday allowed 51 per cent foreign investment in the multi-brand retail and 100 per cent in single brand format.

Asked if he foresees a down trend in the rising inflation, he said it "doesn't look like it".

Addressing the CII members earlier, Muthuram had said CII has to play a larger role than merely helping the industry by contributing to India's growth.