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LATEST NEWS UPDATES | Naveen seeks FDI brownie points by Ashutosh Mishra

Naveen seeks FDI brownie points by Ashutosh Mishra

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published Published on Nov 29, 2011   modified Modified on Nov 29, 2011

Chief minister Naveen Patnaik today slammed the Centre’s move to allow 51 per cent foreign direct investment (FDI) in the retail sector by demanding immediate scrapping of the UPA’s “ill advised and regressive” retail policy.

“In our considered view, this policy is ill-advised and highly regressive. I would, therefore, earnestly request you to reconsider the matter and withdraw this policy immediately,” said Naveen in a letter to Prime Minister Manmohan Singh.

Apart from adding to the problems of the Congress-led UPA on the retail policy front, the letter comes as a personal embarrassment for Union commerce and industries minister Anand Sharma, who had, two days ago, announced that five states including Odisha and Punjab supported the move.

Naveen’s letter, however, sought to debunk any such notion saying that the UPA had taken the decision favouring large MNCs without “adequate consultation” with the state governments.

Sources here described the missive as a deft political move by the chief minister to align himself with the forces opposing a policy that was unlikely to find favour with the poor and the lower middle class, which constitute the BJD’s main vote bank.

Besides, both the NDA and the Third Front parties, which could be potential future allies for Naveen at the Centre, have come out openly against the policy. Even Bengal chief minister Mamata Banerjee, who is part of the UPA, is talking tough. Consequently, it seems certain that Neveen stands to gain by voicing his opposition to it now, said sources.

Significantly, the chief minister has taken a strong stand on the issue despite the fact that the policy was not going to have any immediate effect for the state where no city including the capital, Bhubaneswar, has a population of more than 10 lakh. The policy is applicable only to cities which have a population of more than 10 lakh.

The new policy, that permits FDI up to 51 per cent in multi-brand retail, also makes it clear that foreign investors will have to bring in a minimum amount of $100 million. Besides, at least 50 per cent of the total FDI brought in, shall be invested in back-end infrastructure including processing, manufacturing, distribution and design improvement.

While sources in the government said that the chief minister’s letter was in tune with his consistent pro-people stand in such matters, trade bodies in the state felt there was need for a larger debate on the issue. “We will like a proper study on the retail sector to take place before taking a stand on this. The issue definitely calls for a larger debate,” said Utkal Chamber of Commerce president Ramesh Mohapatra.

On the other hand, the chief minister seems to have scored a political victory with the letter that portrays him as batting for the common man. Pointing out that a double digit inflation was adversely affecting the life of the common man, Naveen, in his letter, rued the UPA’s lack of concern for this problem and slammed it for allowing FDI in a sector that engaged a major section of the country’s workforce.


The Telegraph, 29 November, 2011, http://www.telegraphindia.com/1111129/jsp/frontpage/story_14812118.jsp


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