Nitish also says no FDI in multi-brand retail
Patna: Bihar Chief Minister Nitish Kumar on Monday said it is not possible to accept FDI in multi-brand retail in the state "as it is converse to policy of growth with justice".
"It is our considered view that as the domestic retailing is underdeveloped and is in a nascent stage, it is important that this sector is allowed to grow and consolidate first before any liberalisation," he said in a letter to Union Minister of Commerce, Industry and Textile Anand Sharma.
"We have to be very cautious and careful because at stake is the stablity of vital pillars of our economy-retailing, agriculture and manufacturing," Kumar said.
It needs to be highlighted that the negative effects of FDI in retail in terms of job loss, displacement of small retailers and undermining of traditional supply chains by the monopoly power of multinational retailers far outweigh the professed benefits, the Chief Minister said.
"Therefore, the case for opening up of the retail sector to FDI does not seem to be justifiable and is converse to our policy of growth with justice. Thus, in view of the above it is not possible for us to accept FDI in retail in our state," he said.
Finally in the interest of farmers, retailers and consumers, the central government should reconsider its decision for liberalisation of FDI policy in multi-brand retail, he said.
The Chief Minister said that he had received Sharma`s letter regarding the union cabinet`s decision for liberalisation of the Foreign Direct investment (FDI) policy in multi brand retail.
More from India
More from World
More from Sports
More from Entertaiment
- Indian- Americans launch online petition to declare Pakistan 'sponsor of terrorism'
- DNA: Analysis over who is responsible for tense condition of Kashmir after Burhan Wani's death?
- EU warns Pakistan of political and economic sanctions over atrocities in Baloch
- Should Pakistani artists be restricted from working in India?
- Discussion over if Pak is in fear of war after India's stringent initiative on Uri terror attack?
- SHOCKING VIDEO: This man was trying to take selfie with python - You won't believe what happened next!
- All you need to know about Reliance JioFi at Rs 1,999 – use free data till December 31
- Call up this number and get Reliance Jio's SIM for sure
- WATCH: Ravichandran Ashwin's magic ball that bamboozled Kane Williamson on Day 3
- If you have guts, send your suicide bombers to Pakistan: Samajwadi Party to MNS' Raj Thackeray