Bharti Enterprises has had a joint venture with Walmart in the wholesale trade for years in India.
Prime Minister Manmohan Singh and Congress President Sonia Gandhi will address a rally on October 28 as part of Congress' strategy to counter the Opposition offensive against on FDI in multi-brand retail and other reform measures of UPA government.
West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee will on Monday lead a party demonstration at the Jantar Mantar in New Delhi to urge the Congress-led United Progressive Alliance government to withdraw its decisions relating to FDI in multi-brand retail, cap on subsidised LPG and diesel price hike.
Indian governments enjoy brief periods of autonomy before politics take over.
The government has often defended its decision to open multi-brand retail to foreign direct investment (FDI) by saying modernisation of the sector through fresh investment would bring down wastage of fruit and vegetables.
Unfazed by the uproar over Foreign Direct Investment in retail and other tough decisions, Prime Minister Manmohan Singh on Saturday indicated that the government may continue with the reforms process and expressed willingness to discuss issues with allies.
Gujarat Chief Minister Narendra Modi on Friday accused Prime Minister Manmohan Singh of "acting" in the interest of United States first in getting the nuclear deal through and then allowing FDI in multi-brand retail and questioned why he did not "turn active in India's interest".
'As long as people are willing to compromise on quality for a lower price, the unorganised retail sector will stay.'
The earlier perception of policy paralysis "has now changed" in the US in view of the new set of economic reforms unleashed by India.
Addressing media persons following the CWC meeting, party leader Janardhan Dwivedi said that the party meeting concluded that the role of the main Opposition Bharatiya Janata Party had been negative on reforms.
American businesses are lobbying with political parties here to build a consensus on stalled economic reforms such as liberalisation of foreign direct investment (FDI) in sectors like multi-brand retail, aviation and insurance, and for expeditious introduction of a Goods and Services Tax (GST).
Prime Minister Manmohan Singh will address the nation on Friday night to explain the government's recent decisions on economic reforms, which have triggered widespread political protests across the country. The prime minister will address the nation at 8 pm on Doordarshan about the recent decisions on economic reforms, officials said.
A bandh called by the National Democratic Alliance, Left parties and the Samajwadi Party to protest against diesel price hike, Foreign Direct Investment in multi-brand retail and cap on subsidised LPG on Thursday evoked mixed response as protestors disrupted road and rail traffic in parts of Uttar Pradesh, Bihar, West Bengal and Odisha but it had little impact in Mumbai.
This much needed reform will also help the consumer who is hit with an eight per cent inflation in the month of August mainly for food items and we also expect to see quality improved with products delivered to the market place and the farmers getting a bigger share of the pie, INOC (I) said in its statement.
A day before the crucial meeting of the Trinamool Congress parliamentary party on Tuesday which is scheduled to take a call on the hiked diesel price, cap on subsidized LPG and FDI in multi-brand retail, party chief Mamata Banerjee on Monday hit out at a section of the media for disseminating "distorted and concocted information".
With the 72-hour deadline to the Centre to rollback diesel price hike, LPG subsidy cap and FDI in multi-brand retail expiring on Monday, the Trinamool Congress mounted fresh pressure with a Union minister belonging to it listing three options, including withdrawal of support to the United Progressive Alliance.
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.
The Left parties on Sunday announced a 12-hour all-India general strike on September 20 to protest against government's decision on diesel price, LPG cylinders and FDI in multi-brand retail, coinciding with the agitation by other opposition parties and United Progressive Alliance supporter Samajwadi Party.
Banerjee said that traders would be hard hit by the Centre's decision on allowing FDI entry in retail.
India Inc on Friday said major announcements made by government, including operationalisation of 51 per cent FDI in multi-brand retail, are huge "mood lifters", besides dispelling the impression of any policy paralysis in the government.
Parliament lost over 106 hours during the month-long Winter session which was marred by turmoil over issues like FDI and quota in promotions, but managed to pass some key legislations including banking reforms bill.
The government wants to use the FDI victory impetus to clear the Companies Bill and those amending the banking and pension Acts.
Although UPA government has somehow managed to scuttle Opposition's stiff antagonism to FDI in multi-brand retail in both the Houses of the Parliament, it has certainly opened itself to the charge of being a minority government, analyses Renu Mittal.
India's exports are showing signs of improvement as the contraction in outbound shipments in June so far has come down to about 10-12 per cent as compared with 60 per cent in April, Commerce and Industry Minister Piyush Goyal said on Monday. Declining for the third straight month, In "Currently we are about 10-12 per cent down in June. So in a sense, we have reached up to 88-90 per cent of the level of exports that we had in June 2019 in the current month in the first two weeks. I am awaiting the data for third week (of June)," Goyal said at a CII function.
Expressing disappointment with the Samajwadi Party and the Bahujan Samaj Party's decision to abstain from voting on the issue of Foreign Direct Investment in multi-brand retail in the Lok Sabha, Leader of Opposition in Rajya Sabha, Arun Jaitley, on Thursday said that the Congress-led UPA is a lame-duck government dependent on costly support.
The rupee appreciated for the second straight day to close 14 paise higher at 54.54 on optimism that government would get Parliamentary approval to FDI in multi-brand retail, leading to big inflow of dollars.
Prime Minister Manmohan Singh on Monday reached out to Jayalalithaa-led All India Anna Dravida Munnetra Kazhagam to seek its support on the issue of foreign direct investment in multi-brand retail.
The Bahujan Samaj Party on Monday indicated that it will support the government in Parliament on the issue of Foreign Direct Investment, saying the fact that the Centre has not thrust the policy on states and the aim of keeping communal forces at bay will determine its stand.
The four-day logjam in Lok Sabha over foreign direct investment in retail ended Thursday with Speaker Meira Kumar allowing a discussion on the subject under a rule that entails voting.
The FDI notification on multi-brand retail by the government will be valid only if amendments made by the Reserve Bank in the FEMA rules are approved by Parliament, the Confederation of All India Traders (CAIT) has said.
The storm over the issue of Foreign Direct Investment in retail refused to subside with the matter, along with quota in promotions for Scheduled Castes and Scheduled Tribes, paralysing proceedings in Parliament for the second day on Friday.
Eighteen of 30 product categories proposed by Swedish furniture major struck off.
Since allowing FDI in multi-brand retail has been left to the states, Indian companies may not benefit as foreign investors are wary of the politics.
In recent sessions, shares have rallied on hopes Hindu nationalist opposition leader Narendra Modi, a more business-friendly candidate, is seen coming to power on promises of economic revival and jobs.
The decision to allow 51 per cent foreign direct investment in multi-brand retail was announced in November last year.
Foreign direct investment (FDI) in India declined sharply for the second month in a row in Maywith inflows slipping to $1.32 billion from $4.66 billion in the year-ago period, reflecting the impact of slowing global economy.
The organised market is likely to grow to Rs 4.8 trillion by 2016-17.
Chidambaram was also hopeful that fiscal deficit will be contained within the targeted 5.3 per cent of the GDP this fiscal and trimmed to 4.8 per cent in the next.
While Federation of Indian Chambers of Commerce and Industry extended an all-out support to the government, Confederation of Indian Industry recommended 'a calibrated approach for introducing FDI in the retail sector in terms of the percentage and minimum capitalisation requirements'.
Against the backdrop of charges against Congress chief Sonia Gandhi's son-in-law Robert Vadra and realty major DLF, the Janata Dal-United on Thursday said the key issue of Foreign Direct Investment in multi-brand retail should not be forgotten in the din over other issues and suspected that those involved in coal and 2G scams may be trying to divert attention.
