Govt draws fire over FDI in retail

Left parties and BJP launched an attack on the government on Tuesday over its move to open up retail trading to foreign direct investment saying this would shrink employment opportunities.

Participating in a short duration discussion on FDI in retail in the Rajya Sabha, CPI-M Politburo member Sitaram Yechury cautioned the government against opening up of the retail sector. It would go against the commitment made in the National Common Minimum Programme, he said.

Yechury was of the opinion that the FDI in retail should be considered only if foreign investors agreed on augmentation of domestic capacity, technology transfer and employment generation.

Expressing serious concern over already declining job opportunities, Murli Manohar Joshi (BJP) said the government should keep every aspect in mind before formalising the FDI policy in retail.

He said at least 160 million people across the country were involved in retail trading and FDI in retail would not help in creating jobs.

Praveen Rahtrapal (Congress) said government was aware of the retailers' need.

Banwari Lal Kanchal (Samajwadi Party) said the move would not help retail traders as multinationals were coming only for profit.

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