New Delhi: The Supreme Court on Tuesday pulled up Central Government on allowing foreign direct investment (FDI) in multi-brand retail. The apex court while hearing a PIL against FDI in multi-brand retail asked the government to explain its views on the impact of the policy on small traders.
Asking the government if there is a regulatory mechanism in place to monitor price fluctuation if the big companies come into the retail sector, the Supreme Court said that there is an apprehension that big companies can afford to artificially bring down prices driving retailers out and hence result in a monopolistic situation
"Has FDI in retail borne any fruits? Has the government got any investments or is it a political gimmick?" the court asked the Centre and gave it three weeks to file its reply
In January 2012, the Congress-led United Progressive Alliance Government allowed 100 per cent FDI in single-brand retail. In September 2012, it also opened the doors to foreign supermarket chains, allowing 51 per cent FDI in multi-brand retail.
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