Prime minister Manmohan Singh has favoured opening up of the retail trade stating the market requires greater competition for a check on prices.
"We need greater competition and therefore need to take a firm view on opening up the retail trade," Singh told chief m,inisters at a meeting convened to deal with the spiralling food prices.
Singh said there was a huge difference between the wholesale and retail prices. "Food and agriculture minister Sharad Pawar has on many occasions drawn attention to the wide differences between the retail and farm gate prices and there is evidence that retail prices have shot up more than the wholesale prices."
Under the present dispensation, only domestic business houses are allowed to enter the organised retail sector for multi-brand businesses.
Source: Inside franchising
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