Moily, BSY differ on FDI in retail
The FDI in retail sector controversy echoed on the concluding day of the Global Agribusiness and Food Processing Summit in Bangalore on Friday with Union Minister M Veerappa Moily and former chief minister B S Yeddyurappa expressing divergent views while sharing the same podium.
Moily, who holds the Corporate Affairs portfolio in the Union Cabinet, said opening of the sector would boost the traditional retail sector in the country and create more jobs. He asserted that China’s decision to open retail sector to FDI had benefitted traditional retailers in that country.
The number of domestic retailers in China had increased from 1.9 million to 2.5 million units after FDI was allowed in the retail sector, he said. He blamed those opposing the UPA government’s move of being prejudiced.
Yeddyurappa, who spoke after Moily strongly countered the Centre’s decision and said no retailer in the country would support the move.
He said FDI in retail and holding the agri-business summit should not be compared. “No MoU on agri-retail has been signed during the summit. The summit aims at providing effective linkages and upgraded technology for the farmers to move towards higher production and productivity,” Yeddyurappa said.
He appealed to Moily to use his good offices to persuade public sector banks to disburse crop loans at one per cent interest.
