Prime Minister Manmohan Singh cannot be faulted for his decision to implement FDI in retail, the 'Bangkok Post' has said.
Commenting on the controversy in India over FDI in retail sector, Bangkok Post noted that those in opposition to the large retail chains in India will have no trouble raising large vocal protests, but there are probably many more millions who are quietly looking forward to the chance to shop in them, and no doubt they will fill the aisles.
Thailand, which has its share of mom and pop shops dotting the country, too experienced similar debates when giant retailers Tesco and Carrefour were set to enter the market.
"There is little chance of a return to the old days in Thailand or elsewhere in the developing world, and Indian premier Manmohan Singh can't be faulted for seeing the writing on the wall and moving in accordance with the times," the newspaper said.
"While the vast majority of Thais appreciate the convenience and choice offered by the multinational giants, and in many instances they also offer more attractive options for Thai producers and growers, it can't be denied that the large chains have hurt local 'mom and pop' operations," it noted.
The Post said while opening up to FDI may be inevitable, there are obvious pitfalls.
Thailand's "mom and pop" stores have now accepted the hypermarkets and make use of it by many buying in bulk several products which are available at lower prices and reselling it in their shops at a profit.
After all, the benefits of globalism do not go only from developing to developed countries, as is sometimes portrayed.
As has often been pointed out, it is globalism that has allowed Indians to be the beneficiaries of relatively high-paying IT jobs which are outsourced from the US, where the loss of these jobs has affected many families," the daily said.
