FICCI disappointed over bar on FDI in retail

New Delhi, Jan 13: FICCI president Sidharth Birla Monday expressed disappointment with Delhi Chief Minister

's decision not to allow

in retail, saying this would hurt investor sentiment.

"This direct negation without demonstrating a search for a viable alternative or via media would hamper investment sentiment for the state (of Delhi)," Birla said in a statement.

He said multi brand retail would help in reducing wastage of food products, thereby controlling inflation, adding that FDI was "an alternate capital and technology source".

Birla said both large multi brand retail stores and small "kirana stores" can co-exist peacefully.Delhi chief minister Arvind

Kejriwal has written to the Department of Industrial Policy and Promotion (DIPP) on not allowing Foriegn Direct Investments (FDI) funded stores in the state. This is the first time an Indian state has decided to withdraw support for FDI funded retail stores.

IANS