BJP opposes move to open retail trade

Friday, 26 November 2004, 08:00 Hrs
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RANCHI: The Bharatiya Janata Party (BJP) Friday opposed union Finance Minister P. Chidambaram's move to open retail trade for foreign countries as it would adversely affect domestic business.

"When talks are underway at the World Trade Organisation (WTO), India's unilateral decision to open retail trade is going to affect domestic interests," said BJP leader Arun Jaitley on the concluding day of the party's three-day national executive committee meeting here.

"The union finance minister's statement is ill advised and disastrous while negotiating strategy at the WTO. India's retail sector has just begun to grow. Indian purchasing power is the target of many international companies," he said.

Expansion of domestic trade has an impact on the increasingly competitive manufacturing sector. The opening of retail to foreign brands will adversely affect domestic retail traders, Jaitley explained.

Source: IANS
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