Buddha wants Indian cos in agri-retail

Wal-Mart could wait a few years but Indian companies would have to step into agri-retailing right away, said West Bengal chief minister, Buddhadeb Bhattacharjee.

Addressing the annual general meeting of Bharat Chamber of Commerce, Bhattacharjee said, until and unless Indian companies ventured into agriculture retailing, it would not be possible to change the old marketing models.

He said, in the new model, some people involved in the chain from the farmer to retailing would lose jobs, as would some local vegetable shops, but the old method must change.

Bhattacharjee justified the intervention of private companies by pointing out the large quantity of vegetables that perish due to want of market mechanism and cold storages.

"More private companies must come forward and intervene in retail," he said. Bhattacharjee's comments assume significance since Reliance Retail's Bengal initiative ran awry due to opposition from the state government's own allies.

While speaking on the state's industrialization policy, Bhattacharjee said, "We are not neglecting agriculture. Our growth rate is four per cent compared to a national average of less than two per cent."

He added that the state should consolidate its success in agriculture.