Tripura government opposes FDI in retail

November 30th, 2011 - 6:27 pm ICT by IANS  

Agartala, Nov 30 (IANS) The Communist Party of India-Marxist (CPI-M)-led Left Front government in Tripura Wednesday urged the United Progressive Alliance (UPA) government to revoke its decision to allow foreign equity in retail, a minister said here.

Tripura Food and Civil Supplies Minister Manik Dey told reporters: “If the UPA government allows 51 percent foreign direct investment (FDI) in multi-brand retail and 100 percent in single brand retail, livelihood of over 22 crore small traders and people would be directly hit.”

“The UPA government in 2009 had sought views of all state governments regarding whether to allow foreign equity in retail business in India. The Tripura government that time too opposed the move,” said Dey, a CPI-M leader.

The minister said that the decision to allow foreign equity in retail was not only anti-people but also anti-national.

“With this decision to allow FDI, the small and medium industry would be badly affected and crores of workers would be left jobless,” Dey stated.

Traders and business associations in Tripura have announced a 12-hour shut down Thursday to protest the central government’s decision over FDI.

Related Stories

Tags: , , , , , , , , , , , , , , , , ,

Posted in Business |