More states will allow FDI in retail in time to come: Godrej

"My guess is that it will start with only some of the states allowing (it). In a short period of time, the others will see how beneficial it is for their consumers and farmers and they will also fall in line," Godrej told reporters here on the sidelines of the Indian School of Business (ISB) launching a new masters course.

As of now only ten states have endorsed the Centre's decision to allow FDI in multi-brand retail. The states and Union Territories which support the initiative include Delhi,

Manipur, Daman & Diu and Dadra and Nagar Haveli. Godrej said that there were various states which stayed away when VAT was introduced but after witnessing the benefits they too adopted it.

Speaking about benefits of allowing FDI in retail in the country, Godrej, who is also the President of industry body CII, said the move will create competition in the country and benefit the consumer.

"I think, what is very good about allowing modern retail in the country, (is) it will create more competition. More competition is always good, especially for the consumer," said Godrej, who is also currently the Chairman of ISB board.

He said the opening up of the sector will also help investment in the supply chain, which will be good from the farmer's point of view.

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