STOCK MARKET BSE NSE

Delhi first to implement FDI

Published: 11th December 2012 09:58 AM  |   Last Updated: 11th December 2012 09:58 AM   |  A+A-

Delhi will be the first state to implement Centre’s decision on allowing FDI in multi-brand retail in the country.

“An announcement will be made in the Assembly on Tuesday regarding the implementation of FDI in multi-brand retail in the capital. The first store of Walmart will be opened here by January,” said Mukesh Sharma, Parliamentary Secretary to Chief Minister Sheila Dikshit.

The Centre issued a notification on September 21 regarding allowing 51 per cent FDI in multi-brand retail. Soon after the announcement, the Chief Minister welcomed the decision and declared that Delhi would be the first state to implement the order.

Meanwhile, the Delhi Government officials said that the state would soon table an amendment Bill to the Agriculture Produce Marketing Committee (APMC) Act in the Assembly. The amendment of the APMC Act is necessary to open private ‘Mandis’ in the capital and with these ‘mandis’ farmers can sell their produce directly under one roof to foreign retail companies.

Sharma told Express on Tuesday that, “The Chief Secretary and Law Secretary of the state have studied the issue. There is no need of amending the APMC Act via tabling an amendment Bill in the state Assembly. The same can be done via an executive order.”

Sharma also said that Delhi has a per capita income of `1,75,812, which is the second highest in the country, making the city an apt market for foreign retail majors. “The recent survey said that all youth between the age of 18 to 35 are positive about the government’s decision to permit foreign retail majors,” Sharma said, and added that this move would generate a huge number of jobs.

However, Delhi BJP chief Vijender Gupta alleged that there was a secret agreement between the state government and foreign retail companies.

“What is the reason behind that the Chief Minister showing haste in implementing FDI in multi-brand retail by amending the Mandi Act,” Gupta asked.

He said the Delhi Government had given a token of `2 crore to a private company for constructing private Mandis in a plot of 70 acres in Tikri area of west Delhi. The MNCs are eyeing retail trade in India which is worth $500 billion.

The turnover of the retail trade would go up to $1,000 billion by 2020. Hence, first Walmart is trying to open its business in the country, Gupta said.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp