JK likely to allow FDI in multi-brand retail

MUKEET AKMALI

Srinagar, Dec 10: The Jammu and Kashmir government is likely to allow Foreign Direct Investment in retail in the state, after the controversial bill has been passed in both the houses of Parliament.
 “The state government is in favour of allowing FDI in retail as Chief Minister and many other cabinet ministers believe it would bring foreign investments to the state,” a highly placed source told Greater Kashmir.
 However, he added that state government would not take decision in hurry. “We will talk to all the stakeholders before taking any decision in this regard. It will be a collective decision, not the decision of government alone.”
 Pertinently, Omar Abdullah earlier had backed the Centre's move to leave the decision of allowing FDI in retail sector to the respective state governments in their states.
 "I'm glad the government has announced FDI in retail and left to states to decide . . .," Omar had  earlier said on microblogging site Twitter.
 The ruling National Conference and Congress were both in favour of FDI in retail. Pertinently, the NC which is ally of UPA government at the Centre, also voted in favour of the bill in Lok Sabha.
 After the FDI reform bill was passed in Rajya Sabha and Lok Sabha, the decision of allowing FDI is now in the hands of state government. 
 Experts believe that FDI in retail, however, marks a clear exception and throws the spotlight on the states. “The policy decision by putting the veto power in the hands of the state governments, forces each ruling dispensation to take its stand on the issue,” they said.
 The central government had said that states which did not favour 51 percent FDI in multi-brand retail were free not to implement the policy.
 Interestingly, the main opposition party at the Centre, BJP, has been vociferously opposing the FDI in retail sector terming it “anti-small traders.”
 However, the main opposition party in the state, PDP, has not clarified its position on the foreign direct investment in the state.
 Whether the State Government allows it or not but as per government of India’s recent decision on FDI in retail, Srinagar comes within the eligible zone.
 The minimum one-million population bar as per census 2011 set by central government to allow FDI in multi-brand retail in any city makes Srinagar city eligible to get foreign supermarkets.
 According to the census 2011, Srinagar city has a population of 12, 69,751.

Lastupdate on : Mon, 10 Dec 2012 21:30:00 Makkah time
Lastupdate on : Mon, 10 Dec 2012 18:30:00 GMT
Lastupdate on : Tue, 11 Dec 2012 00:00:00 IST




  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News

Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM BUSINESS

  • Kashmir

On IHR Day, Hurriyat (M) stages dharna in New Delhi

Srinagar, Dec 10: On the International Human Rights Day, a delegation of Hurriyat Conference (M) along with three dozens women victims of rights violations on Monday staged a dharna at Parliament Street More



  • Srinagar City

SHRINKING DISTANCE MODE EDUCATION

KU plans to reduce B Ed intake capacity, draws concern from academicians

IMRAN MUZAFFAR

Srinagar, Dec 10: At a time when Bachelors of Education is prerequisite for teacher’s job and many aspirants who cannot afford to pursue the B Ed in regular mode had been banking on the course through More




  • Jammu

No alternative to PDP in JK: Mufti

GK NEWS NETWORK

Jammu, Dec 10: Former Chief Minister and patron Peoples Democratic Party, Mufti Muhammad Sayeed, Monday said that there was no alternative to his party in Jammu and Kashmir.“The way people have been supporting More



  • South Asia

Appoint special representative to monitor HR situation in JK: APHC (M)

Muslim League Organizes Seminar

NISAR AHMED THOKAR

Islamabad, Dec 10:  The All Parties Hurriyat Conference (M) PaK chapter on Monday made a passionate appeal to the United Nations urging the highest body to appoint special representative to monitor More



  • World

UAE Cabinet approves extradition agreement with India

PRESS TRUST OF INDIA

Dubai, Dec 10: The UAE Cabinet has approved an extradition agreement with India which will allow the transfer of around 1,200 Indian convicts languishing in the Gulf nation to their home country to spend More



  • Bandipora

R&B deptt goes into hibernation

Vital projects stalled in Bandipora from last 5 years

Bandipora: Inordinate delay by the Roads and Buildings department in completion of various developmental projects across the district has raised question marks over its functioning. Many projects More



  • GKeducation&Careers

‘Allow kids to think critically’

BETTER EDUCATION

Since 2008, Kashmir Education Initiative (KEI), a volunteer-driven philanthropic organization with a focus on education in Kashmir, has been quietly supporting education of talented and deserving Kashmiri More



ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions