Chandigarh: With the union government on Friday giving the green signal for allowing foreign direct investment (FDI) in the multi-brand retail sector, Haryana Chief Minister Bhupinder Singh Hooda welcomed the move, saying it would benefit farmers and consumers.

Congratulating Prime Minister Manmohan Singh for the bold initiative, Hooda said the decision would attract investment in Haryana which accounts for 44 percent of the national capital region (NCR) area and offers a huge market.

Hooda said the farmers would be greatly benefited from direct purchase of their produce by the retail chains at better prices. He said adequate safeguards have been kept in the FDI policy to protect the interests of small retailers.

He said the liberalisation would benefit the consumers and the purchasers against seasonal fluctuations and aberration in prices of agricultural products, specially vegetables and fruits with the development of supply chain infrastructure.

The investment in organised retail trade by foreign investors would also bring in the latest technology in establishment of cold chains and preventing wastage of food due to lack of post-harvest infrastructure, he added.

(Agencies)

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