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FDI spurned as it destroyes small businesse: Jaya

Posted on Nov 05, 08:59PM | UNI

Tamil Nadu Chief Minister J Jayalalithaa today reiterated that her government would not allow FDI in retail in the state, as it was fraught with the danger of destroying small business ventures that provide jobs to millions.

Speaking at a function in which the state government signed a record 12 MoUs with various companies, she said "Tamil Nadu is emerging as the destination of choice for making investments." "While attracting Investments, particularly FDI, my Government firmly believes in being very responsive to its implications," she said.

Stating FDI was often a double-edged sword and the government needs to handle it dexterously, Ms Jayalalithaa said FDI in some fields was purely based on private rationality with the underlying principle "private gain at social loss".

She said "the recent decision of the Union Government to open up our retail business to FDI is one such example, fraught with the danger of destroying our small business ventures that provide jobs to millions of our people".

Ms Jayalalithaa said her government had already opposed this and declared not to permit such FDI in retail in Tamil Nadu.