FDI in retail would help farmers earn more

KOZHIKODE: Stating that there are advantages and disadvantages in allowing Foreign Direct Investment (FDI) in retail market, Socialist Janata (Democratic) leader M P Veerendrakumar has said the decision would help farmers earn more by dealing directly with retail market giants. He was inaugurating the India MSME Darshan 2011, the stakeholder meeting of micro, small and medium enterprises (MSME) held in Kozhikode on Tuesday.“There are pros and cons in allowing 51 per cent FDI in retail sector. By supplying agriculture produce directly to supermarket giants, farmers can earn more profit. Besides, the shelf life of vegetables and fruits will increase as a result of the improved storage facilities. On the other side, there is a chance that these companies may roll out conditions to the farmers regarding the use of hybrid seeds and chemicals so as to obtain uniform sized products,” he said.Veerendrakumar has attributed product patenting as the main reason for the increase in prices of medicines. He also launched the report on MSME Development, 2011 on the occasion.Malabar Chamber of Commerce president P G Anoop Narayanan, joint secretary K V Haseeb Ahamed, Institute of Small Enterprise Development, Cochin (ISED) director P M Mathew, Federal Bank Regional Head P K Francis and MCC treasurer N Ummer Koya also attended.