Nitish Kumar opposes FDI in multi-brand retail

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SME Times News Bureau | 31 Jul, 2012
Bihar Chief Minister Nitish Kumar Monday said that he was not in favour of foreign direct investment (FDI) in retail in the state and virtually made it clear that he was with the Bharatiya Janata Party (BJP) in opposing it.

"I am not in favour of FDI in retail and there is no question to accept it in Bihar," Nitish Kumar told reporters in Patna.

Nearly a week after Bihar Deputy Chief Minister Sushil Kumar Modi of the (BJP) ruled out FDI in retail in the state, the chief minister said that it will badly hit local small retailers.

Nitish Kumar said that he had written to Minister of Commerce, Industry and Textile Anand Sharma in this regard.

"It is our considered view that as the domestic retailing is underdeveloped and is in a nascent stage, it is important that this sector is allowed to grow and consolidate first before any liberalisation," said his letter.

Nitish Kumar said that the case for opening up of the retail sector to FDI did not seem to be justifiable and was converse to our policy of growth with justice.

In his letter, Nitish Kumar pointed out that the entry of large global retailers would slowly but surely marginalise domestic retailers.

"We must accept that unorganised retailing in India is a means of livelihood and not of profit," he said.

Nitish Kumar said the central government should reconsider its decision for liberalisation of the FDI policy in multi-brand retail in the interest of farmers, retailers and consumers.