Supermarket Chain
Supermarket ChainReuters

The government's approval for 51 percent foreign direct investment in the supermarket sector may have created a storm at the ongoing winter session of Parliament, but Trade Minister Anand Sharma says the new retail policy will create a number of jobs.

Sharma said that India's decision to open its $450 billion retail market to global supermarket giants Thursday will help create 10 million jobs in the country over the next three years. He went on to say that it won't affect smaller and domestic retailers.

Reserve Bank of India (RBI) Governor Duvvuri Subbarao is also of the opinion that foreign direct investment should be allowed to control inflation and bring about overall economic growth.