Bihar not to allow FDI in retail: Nitish Kumar

PATNA: Maintaining his opposition to FDI in multi-brand retail, Chief Minister Nitish Kumar today said there was no question of allowing investment of foreign capital in the retail sector in Bihar.

"There is no question of allowing FDI in retail in Bihar .... it will be opposed tooth and nail. There is adequate capital in the sector that generates local employment," Kumar told reporters on the sidelines of his Janata Durbar at his official residence here.

The chief minister held that foreign investors would try to capture the retail sector that would subjugate the farmers and destroy local retailers and the common man would not benefit in any way.

The state government would like to protect domestic capital invested in the retail sector, Kumar said.

Lashing out at the UPA government for allowing 51 per cent FDI in multi-brand retail, the chief minister said that the step amounted to granting sanction to foreign investors to capture retail market.

Foreign capital should instead be allowed in infrastructure and related sectors which required huge investments, he added.