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Digvijay Singh defends Central government's stand on FDI in retail

Ajmer, Sun, 04 Dec 2011 ANI

Ajmer, Dec 4(ANI): Congress General Secretary Digvijay Singh has defended the Central government's stand to allow Foreign Direct Investment (FDI) in retail.


"The main intention of getting FDI in retail is to reduce the profit of the middlemen hence farmers would get a better price for their produce and the consumer would also reap the benefits," Singh said on the sidelines of his visit to Ajmer, Rajasthan, on Saturday.


"The issue is in favour of both the farmers and consumers. This would be initially enforced in 43 cities where the population is more than one million," he added.


He also slammed the opposition parties for opposing all development oriented steps of the Congress party-led United Progressive Alliance (UPA) government at the Centre.


"Today the issue is being protested because people don't know much about FDI. I want to tell you that every time the Congress -led government has taken any decision from 1947 till today the opposition has opposed it," said Singh.


The Central government had on November 24 approved 51 percent FDI in the supermarket sector, paving the entry of firms such as Wal-Mart and Carrefour into one of the world's largest untapped markets.


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 opposition to the policy has been sparked off by 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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