Thursday, 6 December 2012

FDI in multi-brand retail to push growth: Goldman Sachs

FDI in retail is necessary to push GDPgrowth and deal with high current account deficit, besides bringing in technological improvements into the sector, US investment banking giant Goldman Sachssaid today.

"Every 1.7 dollar of foreign investment can generate one dollar of GDP growth, which is the lowest amount, simply because it has so many different linkages as opposed to putting in an additional dollar in banking," Goldman Sachs India Managing Director and Chief Economist Tushar Poddar said after announcing its India outlook for 2013.

He said that in the medium-term there are several benefits of FDI in retail to the economy. "There is very high current account deficit, so we need FDI, we need inflows."

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