{"id":1569,"date":"2012-09-25T08:46:56","date_gmt":"2012-09-25T08:46:56","guid":{"rendered":"http:\/\/www.franchisemart.in\/franchise\/?p=1569"},"modified":"2012-09-25T08:46:56","modified_gmt":"2012-09-25T08:46:56","slug":"karnataka-not-in-consent-to-welcome-fdi","status":"publish","type":"post","link":"https:\/\/www.franchisemart.in\/franchise\/karnataka-not-in-consent-to-welcome-fdi\/","title":{"rendered":"Karnataka not in consent to welcome FDI"},"content":{"rendered":"

\"\"<\/a>Standing on the decisions of not welcoming FDI in India, Karnataka resolute not to allow Foreign direct Investment in the state, Agriculture Marketing Minister SK Bellubbi asserted.<\/p>\n

The Minister said the state government has decided to not to allow FDI in multi-brand retail as it would go against the interests of farmers and small traders.<\/p>\n

He added that the Central Government\u2019s decision to allow up to 51 percent FDI in multi-brand retail would lead to job loss for several people. He said the Centre\u2019s decision is similar to the entry of erstwhile East India Company.<\/p>\n

The Minister said the policy of allowing foreign investment in retail sector will benefit only a small section of people and not the vast majority.<\/p>\n

Meanwhile, the Indian Government has issued a notification bringing the 51 percent FDI cap in multi-brand retail into effect.<\/p>\n

The policy has been adopted by 10 states and union territories that have agreed to implement the Government\u2019s decision.<\/p>\n

Along with Karnataka, states like Madhya Pradesh and Gujarat, which are also ruled by the main opposition Bharatiya Janata Party (BJP), have opposed the Cemtre\u2019s decision terming it as anti-poor.<\/p>\n

As per the policy framed by the Union Government, consent of the respective state governments is necessary for allowing foreign companies to invest in multi-brand retail trading.<\/p>\n