Yeddyurappa slams Moily on FDI in retail issue

Bangalore, Dec 3: Former Chief Minister of Karnataka, BS Yeddyurappa on Saturday (today) slammed Union Minister for Corporate Affairs, Veerappa Moily over his appeal to open up retail sector to Foreign Direct Investment (FDI) in Karnataka, saying the Global Agri-business Summit should not be understood as endorsing the UPA"s decision to open up the nation"s retail sector.

Addressing the Global Agri-business summit, Yeddyurappa further said that Moily should convince the Centre to withdraw the proposal, in addition to urging nationalised banks to extend farm loans at an interest rate of one per cent per annum.

Yeddyruppa's comments have come in response to an earlier statement by Moily, who, while commenting on the state government for its initiative to organise the summit, said that it would espouse the Centre"s cause to increase FDI in retail sector.

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