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Bihar not to permit FDI in retail


December 1, 2011 - Patna

Bihar Chief Minister Nitish Kumar has said that he wouldn't allow Foreign Direct Investment (FDI) in the retail sector in his state.

Kumar said the Congress Party and UPA Government should revoke the decision as it didn't have a majority on the issue in parliament.

"The Bihar Government wouldn't permit FDI in retail. It should not be implemented in the country also. What is the need to frame this policy? They (Congress Party) don't have majority on the issue in the Lok Sabha," Kumar told reporters here.

Meanwhile, rebutting media reports that BJP ally Shiromani Akali Dal was in favour of FDI in retail sector, senior party leader Rajnath Singh claimed that the entire opposition group-led by the BJP-National Democratic Alliance-was together.

"I talked to Punjab Chief Minister Prakash Singh Badal. I think you (media) should wait for a while. You will be informed in a few days. As far as I am concerned, the Shiromani Akali Dal is with NDA," Singh said in Chandigarh.

The political upheaval over FDI in retail failed to subside despite an all-party meeting, with a united opposition, joined by UPA constituents Trinamool Congress and DMK, stalling proceedings by remaining adamant on their demand for a rollback.

Last Thursday, the Cabinet approved 51 percent FDI in multi- brand retail, As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.

The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Owners of brands like Adidas, Gucci, Hermes, LVMH and Costa Coffee can have full ownership of business in India.

ANI

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