New Delhi: India Inc expressed disappointment at the BJP’s promise to ban foreign direct investment in multi-brand retail if voted to power, and urged the party to reconsider its position.
“We feel disappointment on the stand on FDI in multi-brand retail, and hold out hope for a possible review,” said Ficci president Sidharth Birla.
The party said foreign investment will be allowed in sectors where needed for job and asset creation, infrastructure and acquisition of niche technology.
The stocks of top retail companies fell on the Bombay Stock Exchange, with Future Retail, a leading chain, seeing its stock falling 5.13 per cent.Assocham, president Rana Kapoor said that the chamber would continue to impress upon the BJP to reconsider its stand as the move will only act as a multiplier on India’s economy without impacting the neighbourhood kirana stores.
