Retail FDI to tame inflation: Basu

Kaushik Basu, chief economic adviser to the finance ministry, has warned that hundreds of millions of India's poor people will be forced to pay higher prices for basic food including rice and vegetables if overseas supermarket majors are not allowed to operate in the country. Basu's statement - in The Times of London - came amid opposition to Cabinet's nod to allow 51% FDI in multi-brand retail.

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