Top
Millennium Post

Bengal assembly passes resolution to stop FDI in retail

West Bengal has become the first state in the country to ban foreign direct investment (FDI) in retail trade. On Thursday, its assembly passed a resolution not to allow stores with foreign ownership in the state. The central policy of allowing FDI in retail leaves it on states to choose whether they want foreign stores or not.

The resolution barring chain stores with foreign investment was moved by the state commerce minister Partha Chatterjee and was passed by the house late on Thursday.

The moves comes after the ruling Trinamool Congress quit the United Progressive Alliance on the issue and other decisions of economic reforms taken by the Manmohan Singh government.  

The Left Front supported the resolution but staged a walkout from the assembly because its demand for some amendments to the resolution was turned down.

Several other states are opposing foreign direct investment in retail, including some allies of the Congress, but they have not yet taken any concrete steps to stop foreign investment in their states.
Next Story
Share it