Shourie favours FDI in retail
Patna: Former union minister Arun Shourie on Tuesday backed the UPA government`s decision to allow 51 per cent FDI in multi-brand retail and said that the measure would neither be a hugely successful business for foreign retail chains nor cause a big loss to domestic retailers.
"It will neither reap dividend to foreign retailers nor cause loss to local ones (is se na jyada fayda hoga na jyada nuksaan)," Shourie told reporters.
The former union telecom and disinvestment minister said similar concerns were raised when Reliance Industries and Aditya Birla group had entered the retail sector.
But neither small retailers lost their business nor these two Indian retail companies made hay, while another domestic company, Future Group, was sitting on a loss of about Rs. 5000 crores, Shourie said.
He said "Walmarts/salmarts will make no difference if they set up their business in India," he said.
On the allocation of coal blocks, Shourie though agreeing that CAG`s report was substantive about the irregularities in allotment, said that he did not agree with the national auditor`s assessment of the loss of Rs. 1.86 lakh crore to the exchequer.
More from India
More from World
More from Sports
More from Entertaiment
- Maysore Maharaja Yaduveer ties knot with princess Trishika of Dungarpur
- India becomes full member of Missile Technology Control Regime
- Singapore Airlines plane catches fire at Changi Airport
- Govt's insensitivity towards Pampore terror attack martyrs leaves nation stunned
- Mysore Maharaja Yaduveer Wadiar ties knot with princess Trishika Singh of Dungarpur, Rajasthan
- Subramanian Swamy's lecture on 'Emergency' cancelled
- Now, Lexit: London wants to stay with EU, says petition
- UP cops fight publicly over 'share of bribe', video goes viral - Watch
- Make your smoothie a successful summer diet with these magical ingredients!
- Delhi govt introduces 'Change-makers in education' fellowship