Business Daily from THE HINDU group of publications
Thursday, Aug 31, 2006
Business Daily from THE HINDU group of publications Thursday, Aug 31, 2006 |
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Marketing
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Retailing Industry & Economy - Foreign Direct Investment States - West Bengal Minister lauds chamber view on FDI inflow into retail Our Bureau
Chamber's criticisms Although FDI inflow in the State is lesser than in other States, it must not be allowed in areas where it will displace employment in the distribution sector Under the existing SEZ policy, only 25 per cent of the total land in SEZ has been specified for processing units leaving the balance 75 per cent for any other purpose
Kolkata , Aug. 30 The West Bengal Minister in-charge of Commerce and Industry, Mr Nirupam Sen, has lauded the city-based Merchants' Chamber of Commerce (MCC) for "categorically" expressing its reservation against free flow of foreign direct investment in the retail sector. Incidentally, in his welcome address at an interactive session on the `New growth dimension in West Bengal', the MCC President, Mr Santosh Saraf, said that although FDI inflow in the State was only Rs 1,000 crore in the last three years, as compared to 9 per cent in Delhi and 12 per cent in Maharashtra, the State Government should not allow FDI into areas where it has the potential to replace or displace employment in the distribution sector.
Flow areas
The foreign investment should be directed only into areas where it can drive up production, exports and employment generation. Mr Sen was critical about the Centre's policy on the development of Special Export Zones (SEZ) through private initiative. Under the existing SEZ policy, only 25 per cent of the total land in SEZ has been specified for processing units leaving the balance 75 per cent for any other purposes. He felt that this would create another kind of landlordism in the form of SEZs. He was also critical about the Centre's faulty fiscal incentive schemes, responsible for uneven industrial development in the country.
Land allocation
Clarifying the State's land allocation policy for industrial use, the Minister said that a section of people were creating a wrong impression that the State Government was forcefully purchasing agricultural land from farmers for industrial use. The Government, he said, was only arranging the required land for very large units requiring huge land. But the Government had nothing to do with investors willing to set up small and medium units requiring land between 5 and 15 acres. He said, "Let the investors in small and medium projects buy land directly from landowners at a market price". He informed that the State Government has amended the land use policy of sick and closed units. The said units were now allowed to sell surplus lands provided the proceeds were spent on reviving their closed units.
More Stories on : Retailing | Foreign Direct Investment | West Bengal | Industry Associations
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