Hardening its stand on investment in retail market, Trinamool Congress (TMC) in now all set to introduce a resolution in West Bengal assembly, which will not only oppose foreign investment, but even stop entry of large domestic capital in retail sector in the state.
“We had introduced a resolution in 2007 opposing both domestic capital and FDI in retail sector. This is similar to that. Large domestic investment is also dangerous for small traders,” West Bengal Industry minister Partha Chatterjee told Business Standrad.
Responding to a query on whether, this would lead to cancellation of licences of operating trade outlets in the state like Reliance Fresh, Pantaloon, Bigbazaar or Spencer's, he said, “Nothing will happen to those. They do not fall in the category of retail outlets as they are operating in malls.”
However, Chatterjee refused to comment on the future of stand-alone retail outlets of domestic players in the state or that of German retail giant Metro Cash & Carry in the city engaged in wholesale business.
Trinamool Congress government will table the resolution in the state assembly today. While state Congress will oppose, Left is yet clear its stand on the issue with leader of opposition Suryakanta Mishra saying, “We will comment only after the resolution is being tabled.” Incidentally. When TMC had introduced a similar resolution in 2007, it was jointly defeated by both Left and Congress. However, the resolution is likely to passed today with TMC having the required majority.
