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Tamil Nadu not to allow FDI funded retail outlets
Sunday November 27, 2011 07:33:46 PM,
IANS
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Chennai: Announcing
her government's decision not to allow retail outlets with FDI in
her state, Tamil Nadu Chief Minister J. Jayalalithaa Sunday asked
the central government to reverse its "ill advised" policy of
allowing 51 percent FDI in multi-brand retail sector.
In a statement, Jayalalithaa said: "I demand that this ill advised
move of the government should be reversed as it will not serve to
bring down inflation or improve market efficiency."
According to her, the domestic manufacturing and services sectors
will take a serious hit and the retail trade will be taken over by
MNCs dominated big retail giants. This is not good for our
country, she said.
"I am constrained to state that my government will not allow the
multi brand global players as permitted under the new policy to
set up their hyper markets in Tamil Nadu," Jayalalithaa declared.
Terming the centre's decision of allowing 51 percent FDI in
multi-brand retailing and 100 percent in single brand retailing as
a "rude shock to the millions of traditional retail vendors",
Jayalalithaa said New Delhi's decision to announce a major policy
decision outside parliament was both "unprecedented" and showed
"the overweening arrogance of the government".
"But, by making this sudden announcement ignoring the sentiments
of the people, the Central Government has stirred the proverbial
Hornet's Nest," she said.
Citing reports that put 90 percent of India's total retail
business is in the unorganized sector, Jayalalithaa said the new
FDI policy would render 40 million to lose their livelihood. As
most of them are not well educated they would remain unemployed.
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