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Our Bureau

Kolkata, June 9 The Parliamentary Standing Committee will meet the Union Commerce Secretary to discuss draft guidelines on possible regulations in the retail sector within the next two days, Mr Murli Manohar Joshi, a former Union Minister, said here today on the sidelines of a meeting on the ‘Roadmap for the growth of Indian Industry’. He said the Committee was studying the rules and regulations for allowing domestic and foreign capital to operate in the retail segment.

“Domestic capital should be allowed only after proper scrutiny and the framing of appropriate rules and regulations,” he added.

Speaking against foreign direct investment in retail, Mr Joshi said the entry of big multinational companies such as Wal-Mart and Carrefour would lead to large-scale unemployment in the country.

“The one-stop-shop formats can never give us quality products. These shops sell their products at much competitive rates, compelling other players to reduce the price.

“An individual manufacturer finds it difficult to cut down on the cost of raw materials.

“It, therefore, becomes inevitable to cut down on labour costs,” he added.

Talking about the agricultural sector, he said the country’s food production had stagnated and this could turn into a disastrous situation in the next 20 years. He underlined the importance of shifting from chemical fertilisers to bio fertilisers.

On the high inflation levels, Mr Joshi said, “Inflation is a consequence of economic reforms.

“Unless there is a balance between the growth targets and inflation, there will continue to be a mismatch.”

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