Won’t allow FDI in retail,says Nitish

Chief Minister Nitish Kumar said that Bihar is not ready to allow foreign direct investment in retail

Written by Express News Service | Patna | Published: July 31, 2012 12:29:02 am

Chief Minister Nitish Kumar on Monday said that Bihar is not ready to allow foreign direct investment in retail.

In a letter to Union Commerce Minister Anand Sharma,Nitish said that he did not doubt “the objective of the policy” — the Centre’s recent decision to “liberalise FDI policy on multi-brand retail” — but had serious “apprehensions and reservations” about the way it was being pursued by the Centre. He added: “Liberalisation of FDI in multi-brand retail would jeopardise the unorganised retail sector and adversely affect small retailers,farmers and consumers. It will give rise to monopolies of large corporate houses which can adversely affect the pricing and availability of the goods.”

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