FDI in retail is boon for consumers, farmers: SC
In a relief to the Centre, the Supreme Court on Wednesday upheld the government’s proposal to allow foreign direct investment (FDI) in multi-brand retail trade (MBRT) saying the move did not suffer from any unconstitutionality, illegality, arbitrariness or irrationality.
A three-judge bench of Justices R.M. Lodha, Madan B. Lokur and Kurian Joseph said “consumer is the king and if that is the philosophy working behind the policy then what is wrong in it.” The Bench referred to the Centre’s counter and said the decision to allow FDI in retail has a legal basis – FEMA 2000.