Will FDI in retail sector help in the overall growth of our economy,if yes ,how?

Answer 1

Foreign investment leads to more consumption which leads to greater cash flow and money volatility. Although the investors have more control over our economic growth, the growth itself will still accelerate.

Lets put it this way. If your neighbor invests in that lemonade stand you had as a kid, your lemonade stand would sell more goods and could grow more. True he could sell his share of the lemonade stand to make a profit, but regardless of how it affects you, the lemonade stand will still prosper.
Note:
Unless you've been squandering the profits on eating treats from the local ice cream van, you'll still be OK. ;-)