Opposition National Democratic Alliance and estranged United Progressive Alliance ally Trinamool Congress on Friday criticised the decision to allow Foreign Direct Investment in multi-brand retail, saying government has surrendered to crony capitalism and feared that the policy will spell doom for farmers and small traders.
Multi-brand foreign retailers such as Walmart, Metro, Carrefour and Tesco have already invested in India under cash-and-carry arrangements.
Insisting that the decision to introduce Foreign Direct Investment in retail requires vigorous Parliamentary sanction, the Trinamool Congress on Wednesday accused the government of indulging in 'hoodwinking tactics' to claim that there was need for it.
On the trend of paddy-wheat cycle in Punjab, he said it was not only affecting fertility of the agricultural land, but was also causing depletion of underground water in the state.
Part of the official delegation accompanying Prime Minister Manmohan Singh to the Association of South East Nations summit in Phnom Penh, Cambodia, he was briefing the media on board the aircraft earlier on Sunday.
Two Lok Sabha Members of Parliament of Jharkhand Vikas Morcha on Saturday formally withdrew support from the United Progressive Alliance government, slamming it for anti-people decisions like FDI in multi brand retail, inflation and "creating a record in corruption". A delegation of JVM MPs and seniors leaders, led by party chief Babulal Marandi, met President Pranab Mukherjee and submitted a letter withdrawing support from the government.
The Confederation of All India Traders, the apex body of trade federations and small-scale sector players in the country, upped their campaign on Saturday against the United Progressive Alliance government's proposal to bring in foreign direct investment in multi-brand retail by another notch. The CAIT announced a nationwide campaign, 'Retail FDI bhagao, apne vatan ko bachao' (Chase out FDI in retail, save our nation) in the national capital on Saturday.
Geithner and Bernanke are scheduled to visit Mumbai tomorrow.
The other recent reforms initiative of the government include the decision to raise FDI cap in insurance from 26 to 49 per cent and allowing foreign investment in pension.
Exudes confidence that RBI's rate cut move will revive investments and business sentiment; India to get $6.25-bn ADB assistance over three years
The government is considering to tweak FDI policy in retail sector so as to allow global chains like Walmart, Carrefour and Tesco to open multi-brand stores in non-hilly cities with population less than one million.
According to a research report by Bank of America Merrill Lynch, there has been a sea change in interest in India post the reforms announced last week that included allowing foreign direct investment in multi-brand retail and the civil aviation sector.
The US has termed as "watershed" and "courageous" the Indian government's decision to allow FDI in multi-brand retail, saying that the new reforms will send out the "right message" to global investors.
Modern organised retail will be helpful in containing inflation and allowing foreign direct investment (FDI) in multi-brand retail leads to development of back-end infrastructure that will benefit farmers, according to C Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister.
Taking a dig at Manmohan Singh for allowing FDI in multi-brand retail, Gujarat Chief Minister Narendra Modi on Friday said the prime minister has altered the definition of Indian democracy to "of the foreigners, by the foreigners and for the foreigners."
The FDI announcements made by the government in multi-brand retail, single-brand retail, aviation sector and broadcast sector are expected to change the landscape of the respective industry.
Senior Bharatiya Janata Party leaders Ravi Shankar Prasad and C P Thakur were detained in Patna on Thursday during a protest against the Congress-led United Progressive Alliance government over Foreign Direct Investment in multi-brand retail and the hike in diesel prices. Several other opposition leaders have also been detained by the police.
Dravida Munnettra Kazhagam, a key ally of the ruling United Progressive Alliance, on Tuesday announced its participation in the nation-wide bandh on September 20 called by several non-UPA parties to protest the Centre's decision to hike diesel price, allow FDI in multi-brand retail and limit subsidised cooking gas.
Opposition as well as UPA allies are in a mood to declare war on the Congress-led government on the FDI and fuel price issue, reports Renu Mittal
Prime Minister Manmohan Singh on Friday justified the decisions on allowing FDI in multi-brand retail and some other areas, saying these were aimed at pushing economic growth and generating employment in "difficult times".
While winding up his speech against foreign direct investment in multi-brand retail, All India Anna Dravida Munnetra Kazhagam member of Rajya Sabha V Maitreyan thanked all those who supported his stand and said the government had committed a blunder.
The demand for a Joint Parliamentary Committee probe into disclosures by retail giant Walmart on lobbying in India was made by several members in the Lok Sabha on Tuesday.
Walmart had entered into a joint venture with Bharti Enterprises.
The city government will bring an amendment to the APMC Act for facilitating direct purchase of produce from farmers.
With the victory over FDI in multi-brand retail in Parliament, the Congress-led United Progressive Alliance is now gearing up for the party's all important 'Chintan Shivir' (brainstorming camp) next month.
A day after losing the battle with the United Progressive Alliance government in Parliament on the issue of allowing foreign direct investment in multi-brand retail, the National Democratic Alliance has threatened to reject the Union government's notification if it is voted to power in the 2014 Lok Sabha elections.
Glitches in the automatic vote recording system of the Rajya Sabha on Friday marked the crucial voting on the motion against Foreign Direct Investment in multi-brand retail which the government won. Even after voting was conducted twice, the final figure was corrected after scrutiny by officials of the Rajya Sabha secretariat late on Friday night.
This is the time to analyse the French fries served by McDonald's in India
Renu Mittal analyses UPA government's 'victory' on FDI vote in Lok Sabha on Wednesday, and explains why the Congress-led coalition cannot afford to celebrate.
A total of 253 members -- out of the 471 present and voting -- voted against the motion against FDI moved by Leader of Opposition Sushma Swaraj, implying they were in favour of the foreign direct investment in multi-brand retail.
Do you, dear readers, believe that India needs FDI in retail sector or do you feel that it will be detrimental for the economy?
As Parliament on Tuesday began discussing Foreign Direct Investment in retail under a rule entailing voting, the Congress did not hide its displeasure over the "unhealthy precedent" that an executive decision has been put up for legislative vote.
Trinamool Congress, which had earlier been ambiguous on the rule under which the debate on Foreign Direct Investment should take place, on Tuesday moved a motion in Rajya Sabha seeking discussion with voting. "This House disapproves the entry of FDI in multi-brand retail," read the motion moved by Trinamool members D Bandopadhyay and Vivek Gupta under Rule 168, which entails voting.
Banks, real-estate sectors lead gains.
Consensus eluded an all-party meeting called on FDI issue on Monday even as Samajwadi Party and Bahujan Samaj Party provided comfort to the government by not insisting on voting and Trinamool Congress springing a surprise by speaking in a similar tone.
On the eve of winter session of Parliament, the Bharatiya Janata Party on Wednesday alleged that the United Progressive Alliance government is pursuing anti-people economic policies like allowing FDI in multi-brand retail and, therefore, has no moral right to continue in office.
The National Democratic Alliance on Tuesday decided to bring a motion that entails voting against the decision on Foreign Direct Investrment in retail but kept open its options on a no-confidence motion in an apparent bid to not antagonise the Trinamool Congress.
Indian governments enjoy brief periods of autonomy before politics take over.
A recent public interest suit in the Supreme Court over foreign direct investment (FDI) in retail may have thrown the industry into a tizzy, but lawyers, constitutional experts and government officials indicate the multi-brand retail FDI policy is unlikely to get derailed over Fema.
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).
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances