FDI in retail not fit for small cities: Shatrughan
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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".


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

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