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VHP leader Togadia considers FDI in retail as damaging to India's farm sector

Ayodhya, Mon, 28 Nov 2011 ANI

Ayodhya, Nov 28 (ANI): Vishwa Hindu Parishad (VHP) general secretary Praveen Togadia has opposed the Central Government's decision to approve 51 percent Foreign Direct Investment (FDI) in multi-brand retail, saying it would completely destroy the farm sector.


Talking to reporters here, Togadia said the entry of Pakistan and China in the retail sector would hamper both the trade and farm sector of the country.


"This is an attempt to make India a slave. This would destroy the farm sector and the trade and items from Pakistan and China will be sold here, production in India will come to a standstill," he added.


The government had taken a Cabinet decision to allow 51 percent FDI in multi-brand retail and increased the FDI in single-brand to 100 percent.


The new policy, seen as one of the most important government economic reforms in years, may commit supermarkets to strict local sourcing requirements and minimum investment levels aimed at protecting jobs.


The requirements are due to fears of potential job losses among small traders that could heighten popular anger at the ruling Congress party ahead of key state polls next year that will set the stage for the 2014 general election. (ANI)


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