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SC pulls up Centre on FDI in Retail

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TNI Bureau: The Supreme Court pulled up the Centre over its decision to allow the Foreign Direct Investment (FDI) in retail asking how it will protect the small traders. The court sought reply from the government within three weeks.

While hearing a PIL against FDI in multi-brand retail, the apex court asked the central government, “Has FDI in retail borne any fruits? Has the government got any investments or is it a political gimmick?”

The top court said that some regulatory measures need to be taken not to affect the small traders if the FDI in retails will be allowed in the country. Expressing a big concern, the court asked, “If big companies will be involved in unfair trade practices, which will bring down the prices, what will happen to small traders?”

Attorney General Goolam E Vahanvati, who represented the government, said that FDI in retail was not a political gimmick but part of serious reforms. It is a matter of government policy. Replying to Vahanvati, the court said that the government should not close the doors for the small traders in the name of economic reforms. The policy has to be made within the Constitutional parameters.

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