FDI in retail not fit for small cities: Shatrughan

Last Updated: Monday, November 28, 2011 - 19:06

Ranchi: Strongly opposing FDI in retail,
senior BJP leader Shatrughan Sinha on Monday said such a decision
will not be in the interest of cities like Patna and Ranchi as
it would generate large scale unemployment and ruin the local
economy.

"FDI in retail is not fit for places like Patna and
Ranchi whose economy is driven by small traders and
merchants," Sinha, BJP Lok Sabha member from Patna Saheb, told.

The actor-politician backed Bihar Chief Minister Nitish
Kumar in vehemently opposing government`s decision last week
to allow 51 per cent Foreign Direct Investment in multi-brand
retail.

Bihar capital Patna is in the list of 53 cities across
the country having a population of 10 lakh and thereby
qualifying for opening of global chains stores.

Besides, three cities from neighbouring Jharkhand--
Ranchi, Jamshedpur and Dhanbad are also in that bracket.

Sinha said though opening of several global retail chains
would initially result in drop in prices due to arrival of
large volumes, but in the long run it would be beyond the
affordability of common man.

Stating that FDI in multi-brand retail has also not been
successful abroad, the BJP leader said the UPA government`s
decision would increase unemployment and also escalate farmers
suicide.

Justifying protests against FDI, Sinha said the UPA
government headed by an economist Prime Minister Manmohan
Singh is already facing people`s anger and this move would
"hasten its exit from power".

PTI



First Published: Monday, November 28, 2011 - 19:06

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