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Delhi became first state to withdraw FDI in Multibrand Retail

Jan 14, 2014 10:48 IST

Delhi government on 13 January 2014 withdrew the Foreign Domestic Investment (FDI) in Multibrand Retail. With this, Delhi became first state to take this step. This action is a reversal of previous Government’s stand in FDI that was made in July 2012 and allowed multi-brand retail trade.

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Delhi is one of the major recipients of FDI. This action can adversely affect the investment in the capital and tarnish its FDI friendly image.

The Delhi Chief Minister, Arvind Kejriwal said that he is not opposed to FDI. He also agreed that FDI in multibrand retail gives more choice to the consumers.

But, it was found that at the global level FDI in multibrand retail caused massive job losses at multiple places. Thus, to prevent unemployment in the capital this decision was taken.

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Read more Current Affairs on: Foreign Domestic Investment , multibrand retail , Delhi

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