MP to protest FDI in retail, welcomes in other sector: Chouhan

Tells World Bank officials that FDI in retail would adversely affect not only poor but also commoners in India

Madhya Pradesh Chief Minister Shivraj Singh Chouhan on his week-long visit to the United States conveyed that the MP would stick to its stand on FDI in retail sector. It will, however, welcome FDI in other sectors like infrastructure, power or irrigation.

He told the World Bank officials in Washington that FDI in retail would adversely affect not only the poor but also the commoners in India. But FDI in other sectors were welcome.

“We were not there to beg for money, but we sought financial assistance in form of loan for upgrading our infrastructure like dams, canals etc for our water restructure projects. Further, nearly 300 cities and few critical rural areas of the state needs proper drinking water supply. We have demanded loan from world bank. They (world bank) have assured us that they would work it out,” Chouhan said.

Though he did not quote the amount but a government source said it would reach nearly 40000 crore.

Chouhan said his government has also signed a deal with International Finance Corporation (IFC) which will provide technical, environmental, health and safety (EHS) related information and assistance submitted to it from investors who are partner with the state government.

“The world is looking at us that how we are managing our social security schemes and other welfare schemes in time of recession. In fact we have arrested our fiscal deficit and plugged the leakages to arrange funds. Our state used to pay a huge sum or 31% of total GDP in interest repayment now it has come down to 9%. It is our fiscal management that arranges fund for us, I told the United States,” Chouhan said.