The TN cabinet decided not to allow foreign direct investment (FDI) in multi-brand retail trade in Tamil Nadu.
Chief minister J Jayalalithaa had earlier expressed the AIADMK government’s opposition to the Centre’s decision to allow 51% FDI in multibrand retail. The Centre had left it to the states to decide whether they want international retail chains like Walmart, Carrefour and Metro to open shops in their cities.
However, the industry feels the government’s decision will curtail the growth of the retail sector in Chennai and other major cities in the state. Chennai was considered the Mecca of retail space development in India till a few years ago. But today, other metros have overtaken Chennai by miles. Now there may be a further decline in standards of organised retail business in the state, feel experts.
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