Kaushik Basu says FDI in retail a win-win situation

Kolkata: Calling Mamata Banerjee intelligent, Chief Economic Advisor Kaushik Basu on Saturday said the West Bengal Chief Minister will realise FDI in multi-brand retail will be a "win-win" situation if the reform is properly explained to her but she stuck to her opposition.

"Mamata Banerjee is intelligent, but retail FDI argument is very complex. If it is explained to her, then she will understand it is a win-win situation for the people of Bengal," Basu told an interactive session at the Bharat Chamber of Commerce in the eastern Indian state of West Bengal.

The Trinamool Congress supremo, however, remained unconvinced, asserting she is firmly opposed to allowing Foreign Direct Investment (FDI) in multi-brand retail.

"I do things which I decide… We do not want entry of multi-brand FDI in retail. We will not accept and this is our government`s policy" Banerjee said in Barasat where she was on a visit to review the law and order situation and development projects in the district.

Multi-brand FDI in retail in India was stalled after the Trinamool, UPA`s key partner, along with some opposition parties opposed the move. Banerjee has been maintaining that she would not allow FDI in retail in West Bengal since it would affect the livelihood of nearly five crore people.