Industry chamber Ficci said the progressive reform will undoubtedly send positive signals and bolter the confidence of investors.
"Strategic investment opportunities will now open up global retailers and positively impact related sectors such as agriculture, food processing, textiles and consumer goods. At the same time, farmers and consumers will reap the benefit of this reform measure," Ficci President R V Kanoria said.
Also, Ficci hoped that states desirous of attracting FDI will now open their doors to foreign investment in multi-brand retail.
Sharing similar views, Assocham Secretary General D S Rawat said : "Now, this is a great opportunity for government to push much-needed reforms which have been pending and hurting the growth of the nation. The government should pass the bills related to banking and insurance in the current session."
Federation of Indian Export Organisations (FIEO) President M Rafeeque Ahmed said multi-brand retail will indirectly help the export sector as exporting units will get exposed to new trends emerging on the globe and shall be accessing large departmental stores for exports of quality products from the country.
Labour-intensive sectors like textiles, leather, gems and jewellery, handicrafts, carpets and other life style products will be immensely benefited from the move, he added.
The government today won the approval of Parliament to its controversial decision of allowing FDI in multi-brand retail with a motion against it being defeated convincingly in Rajya Sabha, as BSP voted in favour of the UPA.
Commercial real estate services firm CBRE said this is a positive move by the government which will be a game-changer for the real estate industry in India.
"It will encourage international retailers to look at India as a destination to set up their operations resulting in creating opportunities in supply-chain management, warehousing and better quality products at competitive prices," CBRE South Asia Chairman and MD Anshuman Magazine said.
Further, Ficci said that to realise the full benefits of this reform initiative, action will need to be taken to implement GST at the earliest.
Buoyed by the victory on the FDI issue in Parliament, Parliamentary Affairs Minister Kamal Nath said the government will bring more bills in coming weeks for ushering in economic reforms.