Dinesh Trivedi calls for discussion as Cabinet clears FDI in multi-brand retail

New Delhi, Nov. 25 (ANI): With the Cabinet approving 51 percent Foreign Direct Investment (FDI) in multi brand retail, Railway Minister and Trinamool Congress (TMC) lawmaker Dinesh Trivedi has called for a larger discussion and debate on the issue.

"I don't speak what we talk inside the Cabinet. We are all bound by the oath of secrecy. But as far as FDI is concerned, my party's thought process is very clear. There has to be a larger debate. You have already spoken to the people, who are going to be benefited. Have you spoken to the small farmers, have you spoken to all the small small traders. All my party is asking for a larger discussion and debate. We are not asking for anything more because democracy is all about discussion, debate," Trivedi told media here.

"After discussion and debate, if you find that it is a win win situation, everybody is going to benefit then it's a different story. But have you debated this enough that is the mute point and whatever has been passed, I think the Parliament is there. India is a great country and I don't think a farmer in Texus can teach a farmer of India how to grow seeds, wheat and paddy. India has been a country of farmers for last ten thousand years. All our farmers require is equipment, proper distribution system," he added.

As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.

The decision in this regard was taken at the meeting of the Cabinet presided over by Prime Minister Dr. Manmohan Singh.

The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Owners of brands like Adidas, Gucci, Hermes, LVMH and Costa Coffee can have full ownership of business in India.

Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.

It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. It usually involves participation in management, joint venture, transfer of technology and expertise. (ANI)