Kerala won't implement decision on FDI in retail: Chandy

Published on Thu, Feb 09, 2012 at 18:36 |  Source : PTI

Updated at Thu, Feb 09, 2012 at 23:09  

Like this story, share it with millions of investors on M3
0
0
Share on Tumblr
New Delhi, Feb 9 (PTI) Congress-ruled Kerala today ruled out implementing the central government's decision on FDI in retail, saying it was not in the interest of the state. Chief Minister Oommen Chandy said Kerala could not agree with the Centre's decision to allow 51 per cent FDI in multi-brand retail. "We will not implement it (FDI in retail). We have already conveyed our stand (to the Centre) that we cannot agree with it," Chandy told reporters here. The Chief Minister's statement assumes significance as Congress party, including Rahul Gandhi, has been pushing for FDI in retail, a decision regarding which was taken by the Union Cabinet in November last year. Gandhi had termed the Centre's decision as "pro-farmer" and called those opposing the initiative as "anti-farmer". The government had to put on hold its decision following stiff opposition from some of UPA allies like Mamata Banerjee-led Trinamool Congress. In an interview in December, Prime Minister Manmohan Singh had indicated that he hopes to revisit retail reforms after March, by which time Assembly elections in five states get over. Chandy, who was addressing press along with Congress' Kerala Unit chief Ramesh Chennithala, noted that the state Congress unit had already expressed its opposition to FDI in retail. While justifying his government's decision, Chandy pointed out that implementation of the move on FDI in retail has been left to individual states and Kerala has decided not to do so.

  

Trending News

Business News

Top five malware of 2012
Where will plunging euro go from here? "Where will plunging euro go from here?"

Petrol price hike: DMK threatens to quit UPA

Rajesh Exports Net Profit At `90 Cr Vs `51 Cr (YoY)

The latest earning numbers FIRST on CNBC-TV18
Videos

May 30 2012, 12:57

ENAM on where the next set of multi-baggers may come from

- in MARKET OUTLOOK

May 30 2012, 11:18

Result corner: Ajay Bodke`s top bets from across sectors

- in MARKET OUTLOOK

Interviews

May 30 2012, 12:30 | Source: CNBC-TV18

Everest Kanto eyes 20-25% growth in FY13  

May 30 2012, 11:23 | Source: CNBC-TV18

Expect new order inflow of Rs 8500cr in FY13: NCC  

Subscribe to

Moneycontrol Newsletters

Moneycontrol.com offers you a choice of various sectoral and other newsletters for FREE!