'Uttarakhand will reap FDI benefits'

Chief Minister Vijay Bahuguna on Sunday said Uttarakhand would receive various benefits from the Centre’s decision on foreign direct investment (FDI) in multi-brand retail, even though the hill state would not qualify under the relevant category.

“Even if Uttarakhand does not qualify for the FDI (in multi-brand retail), it will get various other benefits. In our state, 40,000 tonnes of fruit often rot. Now, farmers will find a market in all those outlets which will be set up under FDI in retail,” said Bahuguna.

The CM said the government would also set up new cold storages for the benefit of farmers. Farmers could keep their produce there for longer durations in order to get better prices, he said.

After strong opposition against FDI in multi-brand retail in Uttarakhand, state Finance Minister Indira Hridayesh had recently stated that the decision would not be implemented here, which she said did not qualify under the norms of the measure.

"As there is no city which qualifies under the norms, we will not allow the measure to be implemented in our state," she had said.