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Bhartiya Janata Party decision on FDI retail upsets industry

DC | PAWAN BALI
Published Apr 8, 2014, 10:48 am IST
Updated Apr 8, 2019, 2:32 am IST
BJP manifesto promised to bring down inflation if voted to power by setting up special courts to check hoardings and a price stabilisation fund
New DelhiIndia Inc on Monday expressed disappointment over BJP promise to ban FDI in multibrand retail if voted to power and asked the party to reconsider its position. “We feel disappointment on the stand on FDI in multi brand retail, we hold out hope for a possible review in the future,” said Sidharth Birla, President, FICCI. 
 
The stocks of leading retail companies fell on the Bombay Stock Exchange (BSE) amid BJP manifesto saying that it will bar FDI in the multi brand retail sector. Future Retail, a leading retail chain in the country saw its stocks falling by 5.13 per cent.
 
Assocham, president Rana Kapoor said that the chamber would continue to impress upon the BJP to reconsider its stand on FDI in multi brand retail  as the move will only act as a multiplier effect on India’s economy without impacting in any way the neighbourhood kirana stores. 
 
“When the BJP favours FDIs in wide spectrum of  economy, it makes little sense to bar them from multi brand retail since a decision on this has  been taken by the government and foreign investments lined up for it.  The move, might send wrong signals to investors if insistence on it is not shed following constitution of 16th Lok Sabha,” said Sharad Jaipuria, president, PHD Chamber of Commerce and Industry.
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