No FDIs In Retail Sector: Nath

New Delhi: The government clarified that it was open to reviewing the Special Economic Zone Act once the number of SEZs in the country crossed the figure of 100. The Union Commerce and Industry Minister Kamal Nath said that the government will not hesitate to take action if it gets realistic information about irregularities within SEZs Act.

He said, “If anyone brings to our notice any irregularities, including those concerning real estate activities, within the SEZs, and if they are factual and true, we will take corrective steps.”

Speaking in Rajya Sabha, Nath made it clear that the government has no intentions to allow foreign direct investment (FDI) in the retail sector. Almost 97 per cent of the retail business was in the unorganized sector and nothing would be done that could lead to job loss or have an adverse impact on those involved in this sector. He reiterated that India will not surrender before the Western countries of the world during the World Trade Organization (WTO) trade talks and it will safeguard all the interests of the farmers, industry and other sectors.

The minister who defended the government SEZ policy said that it was wrong to compare Indian SEZs with those set up in other nations. He asserted, “So far, there have been encouraging results. Exports from SEZs are projected to go up to Rs.1.24 lakh crore this fiscal compared to Rs.65,000 crore in 2007-08. It has so far produced over 1.6 lakh jobs and attracted investments worth over Rs.67,000 crore. It has succeeded in generating tremendous economic activity in the country.”

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