policy," he said.
He added as part of the stakeholder consultations, the matter was also taken up with the state governments.
In formulating the policy, the government was conscious of the livelihood concerns of the millions of small retailers, Sharma said.
"Informed studies of global experience have revealed that even in developing economies like China, Brazil, Argentina, Singapore, Indonesia and Thailand, where FDI is permitted up to 100 per cent, local retailers have found innovative ways to
co-exist along with organised retail and are integral to the organised retail chain," Sharma said.
Further, he said that opening up of FDI in multi-brand retail trade is expected to bring in much needed investments, technologies and efficiencies to unlock the true potential of the agriculture value chain.
It is also expected to bring in global best practices and benefit farmers in the long run in terms of quality, price, greater supply chain efficiencies in the agriculture sector
and development of critical backend infrastructure.