FDI in multi-brand retail in farmers' interest: Hooda

Haryana chief minister Bhupinder Singh Hooda on Friday pitched for foreign direct investment (FDI) in multi-brand retail, saying it is in the interest of farmers as well as small-time traders.

Haryana chief minister Bhupinder Singh Hooda on Friday pitched for foreign direct investment (FDI) in multi-brand retail, saying it is in the interest of farmers as well as small-time traders.

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"I am always supporting FDI in retail because it is in the interest of farmers as well as consumers, small traders and small-scale entrepreneurs. I support it," he said and added that "being a farmer I can say that".

The decision to allow 51% FDI in multi-brand retail was announced in November last year. Its implementation was, however, put on hold after strong protests from various parties, including key UPA ally Trinamool Congress.

Addressing a function here, Hooda said the proposed policy is a "progressive" step and for a small state such as Haryana where 40% of the area falls within the NCR region, this policy would create a "win-win situation for all stakeholders".

He said during the past seven years the state's economy grew at 9.4%, which was much higher than the growth rate of the nation's economy.

"The state has capitalised investment of about Rs 61,000 crore since 2005 and investment of about Rs 97,000 crore is in the pipeline," he added.