State slams decision on FDI in retail

BHUBANESWAR: The State Government has strongly opposed the decision of the Centre to allow foreign direct investment (FDI) in retail.“The Government of Odisha is deeply distressed to hear about the Union Cabinet’s approval for allowing 51 per cent foreign direct investment in the retail sector,” a release issued from the Chief Minister’s Office said.Stating that the biggest challenge facing the country today is inflation, the State Government said that instead of taking immediate steps to tackle this problem, the Central Government has now allowed FDI in a sector which provides employment to 7 per cent of the workforce in the country.This move will only favour the large multinational corporations (MNCs) which will have monopoly over trading in this country, the State Government said, adding that instead of taking such a decision, the Cent r e sho u l d ha v e strengthened the marketing opportunities for farmers and small-scale manufacturers of the country.Also, in a federal country like India, the Union Government should not have taken such a major policy decision without adequate consultation with state governments, it added.BJD members in both the Lok Sabha and the Rajya Sabha had opposed the decision.Rajya Sabha member Baisnab Charan Parida told this paper that the party MPs would continue to oppose the decision.Leader of the NCP Legislature Party Amar Prasad Satpathy told this paper that his party also opposes the Centre’s decision.“It will affect the Centre as well the states’ economy in a negative manner,” Satpathy said and added that the decision should be immediately withdrawn