FDI in retail is like East India company colonising India: S K Bellubbi

BANGALORE: Karnataka government would not allow FDI in multi-brand retail in the State as it would hurt the interest of farmers and small traders, Agriculture Marketing Minister S K Bellubbi said today.

"We have decided we don't need FDI in retail", he told reporters when asked about the Government's stand on the issue.

"It (FDI in multi-brand retail) will lead to problems for farmers and small traders", he said, echoing the policy line of the national BJP.

Bellubbi likened the FDI to the entry of erstwhile East India company and the country turning into a British colony.

The Government has now realised the "adverse consequences' of allowing the German trade and retail giant Metro to open Cash and Carry wholesale centre here by amending the APMC act some years ago, the Minister said.

While FDI in retail may benefit small section of people, it's not in the interest of a vast majority, he argued.