The chief minister held that foreign investors would try to capture the retail sector that would subjugate the farmers and destroy local retailers and the common man would not benefit in any way.
Etihad and Qatar Airways have held informal talks with Kingfisher and SpiceJet to expand their footprints in India.
Banerjee said that traders would be hard hit by the Centre's decision on allowing FDI entry in retail.
The government has cleared the FDI in multi-brand retail.
Finance Minister Jaswant Singh has cleared 38 foreign direct investment proposals worth Rs 121.46 crore (Rs 1,214.6 million), including those of the United States-based Nalco Chemicals and French company FCI.
With her latest masterstroke, Trinamool Congress chief Mamata Banerjee has made Congress lose its credibility in the eye of the aam admi, says Sheela Bhatt
India received a record foreign direct investment of $3.75 billion (Rs 17,266.52 crore) during the calender year 2004, government said on Wednesday.
He said policy could not be rigid, while declining to say by when FDI in multi-brand retail would be allowed.
In the wake of reforms announced by the government in insurance and pension sectors, the Bharatiya Janata Party on Thursday said that while it is not opposed to more Foreign Direct Investment in these areas, certain caveats and conditions should be met to "safeguard the interest of the people".
Proposals of Principal Financial Group, South African Breweries, AB Electrolux and Caterpillar Inc were among the 52 foreign direct investment cases totalling Rs 321 crore (Rs 3.21 billion) approved by the government on Thursday.
The outward Foreign Direct Investment flows from India, particularly in manufacturing and Information Technology services, have increased since late 1990s even though country's firms were investing abroad for many years, a new UN report has said.
While the Congress will firm up its strategy once the ruling alliance tables the Bill, initial comments by its leaders have been encouraging.
Most of the FDI proposals, cleared by Finance Minister Jaswant Singh pertained to companies in the pharma, tractors and auto sectors.
The Samajwadi Party on Thursday said it will vote against the decision to introduce Foreign Direct Investment in retail sector in the Rajya Sabha, where the United Progressive Alliance does not have majority on its own. "We will vote against FDI in Rajya Sabha if the government brings it there," said SP's leader in the Upper House Ramgopal Yadav.
The minister is on a two-day visit to Russia for India-Russia Business Dialogue, held under the umbrella of the St Petersburg International Economic Forum 2012.
White labeled ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
Finance ministry officials are of the view that current restrictions that prohibit FDI in multi-brand retail cannot be extended to franchise agreements between an Indian company and an overseas partner.
The Department of Industrial Policy and Promotion in its draft Cabinet has proposed to further tighten the rules for foreign direct investment in brownfield pharmaceutical sector.
India's Commerce and Industry Minister Kamal Nath has been honoured as global 'FDI Personality of the Year 2007' by a Financial Times Group publication.
Government assured the Rajya Sabha on Thursday that security interests of the country would never be compromised while permitting larger foreign investments.
In a major decision to liberalise the broadcast sector, the government on Friday decided to raise FDI cap to 74 per cent in various services of the sector, except the TV news channels and FM radio where the cap of 26 per cent will apply.
As Chinese President Hu Jintao arrives in New Delhi, India made it clear on Monday that the proposed regulations on security aspects of foreign direct exchange would not be loaded against any specific country, including China.
The government is considering a proposal to examine foreign direct investment applications on a sector-wise, rather than country-wise, basis to assess their threat to national security.
Finance Minister Jaswant Singh on Wednesday cleared 30 foreign direct investment proposals worth Rs 130.25 crore.
The Union Cabinet is expected to soon consider a proposal to increase foreign direct investment cap in broadcasting services like Direct-to-Home and cable TV networks to a uniform 74 per cent.
The much-talked-about sale of Ambuja Cement and ACC by Holcim Group will see the single-biggest outflow of foreign capital from the country if the two cement firms are acquired by Indian investors. The deal, valued at nearly $10.35 billion, will put in the shade Cairn Energy Plc's exit from India in 2010, when it sold Cairn India to Vedanta Group for $4.48 billion. According to various reports, big business groups such as AV Birla, JSW Group, and Adani Group are in the fray to acquire Holcim's assets in India.
The winter session of Parliament has already witnessed several disruptions and adjournments. In Tuesday's session, the Opposition is expected to give a tough time to the Congress-led United Progressive Alliance government over the issue of FDI in retail.
The winter session of Parliament has already witnessed several disruptions and adjournments. In Tuesday's session, the Opposition is again expected to give a tough time to the Congress-led United Progressive Alliance government over the issue of FDI in retail.
The winter session of Parliament has already witnessed several disruptions and adjournments. In Tuesday's session, the Opposition is again expected to give a tough time to the Congress-led United Progressive Alliance government over the issue of FDI in retail.
The winter session of Parliament has already witnessed several disruptions and adjournments. In Tuesday's session, the Opposition is expected to give a tough time to the Congress-led United Progressive Alliance government over the issue of FDI in retail.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
Well aware that the government cannot control inflation through RBI's monetary tools only, the Centre tried to inbuilt a supply-augmenting mechanism in the economy by opening multi-brand retail to 51 per cent FDI, but vehement opposition from the Opposition and even some of the United Progressive Alliance allies forced it to hold back the decision.
Government is likely to face stiff opposition on FDI in retail in the Monsoon session of Parliament beginning on August 8.
The government proposes to treat the investments by foreign institutional investors in pre initial public offers (IPOs) of real estate companies at par with foreign direct investment.
FDI inflows, in August last year, stood at $2.32 billion, the Reserve Bank said in its bulletin.
Wiser from the Hutch-Vodafone experience, the government is now thinking of clubbing both direct and indirect overseas investment to determine the extent of foreign direct investment in a company.
Stepping back to break the logjam in Parliament, the government on Wednesday put the controversial decision on foreign direct investment in retail on the backburner till a consensus is evolved, a proposal the entire opposition and the dissenting allies accepted without reservation.
Virtually rejecting demands from within United Progressive Alliance and outside for rollback of foreign direct investment in retail, Prime Minister Manmohan Singh on Tuesday justified the decision as a well considered move.
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