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FDI in retail would prove beneficial in long run: Virbhadra Singh

New Delhi, Tue, 29 Nov 2011 ANI

New Delhi, Nov 29 (ANI): Defending the Central Government's decision to approve 51 percent Foreign Direct Investment (FDI) in multi-brand retail, Minister of Micro, Small and Medium Enterprises (MSME) Virbhadra Singh said it would prove beneficial to the country in the long run.


"I don't think we need to worry about it. There is a lot of misconception about the FDI. It will prove beneficial to the country in the long run," Singh told the media here.


Meanwhile, Congress spokesperson Rashid Alvi slammed the opposition and government's allies for stalling the Parliament for sixth consecutive day, seeking rollback of the decision.


"The Opposition can discuss any issue but is very unfortunate that they have disrupted the Parliament's functioning. It seems that opposition has less faith in democracy," said Alvi.


Minister of State for Parliamentary Affairs Rajeev Shukla said the government wanted to resolve the issue and end the ongoing deadlock.


"The government wants that matter should be resolved so that parliament could function. That is why we have initiated a dialogue (with opposition). It would not be proper to put a precondition. I have read that it was part of their manifesto. Now, they should ponder over it," he added.


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. (ANI)


Read More: Delhi | Raje | Congress | Virbhadra Singh

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