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Ramdev doesn’t ‘support’ FDI in retail

Ramdev doesn’t ‘support’ FDI in retail

New Delhi: Yoga guru Ramdev on Tuesday said he does not support FDI in the retail sector. He, however, defended Patanjali’s move to fund its expansion plans through foreign venture funds.

On being asked whether he supports FDI in retail, Ramdev said, “I would not support.”

The yoga guru was speaking at an event to mark Patanjali’s entry into e-commerce space by joining online retailers for selling its products.

When asked about the Centre’s recent FDI relaxation decision for retail, Ramdev said: “I don’t want to create any political controversy on this occasion.”

Recently, the Modi government has allowed 100 per cent FDI in single brand retail.

Ramdev, a staunch supporter of swadeshi goods, also defended Patanjali’s move to form partnership with US-based online retail major Amazon and PayTm, which is backed by Chinese e-commerce company Alibaba.

“They are selling our swadeshi products,” he said.

Over the issue of seeking foreign funds for expansion, Ramdev said: “We would not be partnering. If some one provides financial assistance at low interest rates, I have no objection.”

Ramdev also said that he has plans to convert Patanjali into a non-profitable company, which would plough back its profit to the society.

PTI