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Rediff News  All News  » Business » Nitish Kumar opposes FDI in retail

Nitish Kumar opposes FDI in retail

Last updated on: November 25, 2011 16:56 IST
Bihar Chief Minister Nitish Kumar on Friday said he was against Foreign Direct Investment in retail sector in the country.

A day after Cabinet approved 51 per cent FDI in multi-brand retail, Nitish Kumar said he was opposed to it.

"I am against FDI in retail," he said.

"The FDI in retail sector will not help
the country because it will create unemployment and will badly hit small local retailers," he said.

Nitish has warned that FDI in retail sector will destroy the local retailers across the country.

He recalled that he had also opposed the Special Economic Zone and Bihar was the only state in the country which said no to SEZ.

"I was proved right as SEZ experiment failed later," he said.

M I Khan in Patna