On being quizzed about FDI in multi-brand retail, during India Economic Summit, Reliance chairman Mukesh Ambani, said that, considering that the sector offered immense potential, it should be allowed. FDI in the sector was welcome as the retail potential was real and no single large company or an MNC would be able to capture it, he added.
The retail segment had the potential to aid not only in India’s economic growth but also to provide employment opportunities, said Ambani. 10 to 15 million jobs would be generated over the next three to five years due to the explosion in the retail sector, he added.
One of the biggest opportunities offered by the retail, according to Ambani, was to create purchasing power, even at the bottom of the pyramid.