New Delhi, Nov 29 (ANI): The backlash over the Central Government's decision to allow 51 percent Foreign Direct Investment (FDI) in multi-brand retail continued on Tuesday, s opposition leaders condemning the move.
Stressing that the decision was against the prevailing national sentiment, senior Bharatiya Janata Party (BJP) leader Jaswant Singh said: "The national mood is against it. What the NDA (BJP-led National Democratic Alliance) did, why do you follow that as an example? Secondly, the NDA did not support FDI in multi-brand retail.
Echoing similar views, senior BJP leader Murli Manohar Joshi warned that allowing FDI into the retail sector would hit small-scale units and trigger massive unemployment.
"The United States of America, Britain and France have lobbied and forced the government to allow foreign direct investment into the retail sector. The Indian government has taken the decision under pressure. This decision is not in the interest of India. FDI in retail has had an adverse impact on many developed nations of the world. Even Germany threw out Wal-Mart. People are protesting Wal-Mart in the United States. This decision would completely destroy Indian agriculture and small-scale sectors. It cannot be supported under any circumstances," said Joshi.
BJP spokesperson Prakash Javadekar squarely blamed the Congress party for the ongoing deadlock.
"Who is not allowing Parliament to function? It is precisely the Congress party. They are not ready for discussion, which we have given a proposal for, under relevant parliamentary rules. We have not asked for anything illegal or unlawful or which is not in the rules. We have asked to have a discussion within the framework of the rules. The Congress is running away from that. So, it is the Congress that is responsible for this logjam (in the Parliament) and when these chairmen also want some response from the parliamentary ministers, nobody was saying anything. So, this is the attitude of the Congress," said Javadekar.
Earlier, an all-party meeting convened by the Centre over the FDI issue ended inconclusively with the opposition demanding a rollback.
Last Thursday, the Cabinet approved 51 percent FDI in multi- brand retail, As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.
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)
|
|
Comments:
