Bihar says NO to FDI in Retail Sector

Bihar Deputy Chief Minister Sushil Kumar Modi has ruled out any Foreign Direct Investment (FDI) in retail in the state.

“To protect interest of small and medium traders, Bihar will not allow FDI in retail,” Modi, who also holds the finance portfolio, told media persons at Patna.

He said the National Democratic Alliance government led by Chief Minister Nitish Kumar, of the Janata Dal-United, was dead against the measure.

Modi said that CM Nitish Kumar had already given his opinion in public on few occasions but now the centre would be formally apprised of the decision. “FDI in retail is not good for the country as it will adversely affect small and medium retailers because the multinational companies and Chinese goods will flood the market at cheaper rates and there will be no takers for the local products,” he said.

He further said, “Foreign investment is also not beneficial in India’s context as, after agriculture, it is the retail businesses that generates highest employment. At present, about 4 crore people are employed in retail business.”

Modi alleged the US and the European Union (EU) pressuring India to get FDI proposal cleared. “I want to know from the US and its President as to what concession it provides to Indian students going there for studies. I appeal to the Centre not to take any decision on FDI in haste unless political consensus is arrived.”

Modi, a senior leader of Bharatiya Janata Party, also said that his party had organised a protest against FDI in Patna few days ago.