Gogoi urges PM to implement FDI in retail

New Delhi: Assam Chief Minister Tarun Gogoi today asked Prime Minister Manmohan Singh to implement the decision to allow foreign investments in the multi-brand retail sector.

Following strong opposition from its key allies like Trinamool Congress (TMC), the UPA government had put on hold the decision to allow 51 percent foreign direct investment (FDI) in multi-brand retail segment.[caption id=“attachment_334608” align=“alignleft” width=“380” caption=“Batting for FDI in retail. Image courtesy PIB”]  [/caption]

“I urge the prime minister for early implementation of this policy,” he said.

After meeting Commerce and Industry Minister Anand Sharma, Gogoi said the move would help to bring in foreign investment, technologies and efficiencies.

“This decision holds significance in unlocking the true potential of our agrarian economy as in absence of adequate logistics and infrastructure, a larger part of farm produce never reaches the market,” Gogoi told reporters in New Delhi.

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He said that the decision to open the stores should be left to state governments.

“Some states are opposing this, let them oppose. Those states who want, should not be deprived of this decision as it will help in improving agri economy. We hope that the government will take early decision on this,” Gogoi said.

“We hope the decision is implemented at the earliest as it will bring in foreign investment, technology, efficiency and generate rural employment to strengthen economy,” he said.

He said due to inadequate infrastructure in the farm sector “farmers are at the mercy of middlemen and do not get true price for produces”. He added that consumers too ends up paying many times more than the price secured by the farmer.

On why allies are opposing entry of foreign investment in the retail, the chief minister said, “Allies are not Congress. They have their own policy.”

The UPA government has renewed efforts for a consensus on on the politically-sensitive issue of FDI in retail, estimated to be a about $550 billion market.

PTI