With deep pockets and international sourcing capabilities, global retail chains will outcompete domestic players, displace jobs, and undermine livelihoods. In predictable fashion, the Manmohan Singh government chose to ignore voices of opposition and implement its agenda of permitting foreign investment in the retail trade. While Parliament was in session, the Cabinet met to approve the hitherto prohibited foreign direct investment in multi-brand retail, with a cap of 51 per cent on...
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Wholesale sell-out by Sitaram Yechury
The current impasse in Parliament has created a logjam that threatens to disrupt the proceedings of the winter session. The latest reason that has brought the situation to such a pass is the decision of the Union cabinet to permit foreign direct investment (FDI) in the multi-brand retail sector, opening the way for international supermarket giants like Wal-Mart, Carrefour and Tesco to open their shops in India. While the Cabinet does...
More »FDI in retail: Opposition to corner govt in Parliament
-PTI In a rare show of unity, a combined Opposition will seek to corner the UPA government in Parliament on Monday on its decision to allow FDI in retail. A clear indication to this effect was given today by the Leader of Opposition in Lok SabhaSushma Swaraj who said BJP leader Murli Manohar Joshi has submitted a notice ofadjournment motion on the FDI issue on behalf of the party. "We want the House...
More »Misplaced obsession
-The Hindu In a show of audacity, the United Progressive Alliance government has decided to further open up the retail trade sector to foreign investment. Foreign investors will be permitted to enter the hitherto prohibited multi-brand retail segment and hold equity of up to 51 per cent in the units established. That there is widespread political opposition to this change in policy was known for long. Hence, the move is nothing...
More »FDI in retail: Opening up retail will help India's growth, curb inflation, says RBI governor Subbarao
-Reuters India's growth story is still "credible" and the move to open up the economy to global supermarket chains will help growth and control inflation, RBI governor Duvvuri Subbarao said on Friday. "It's commendable that government has taken the initiative. Let's hope that it will improve the logistics chain and supply chain management in agriculture," Subbarao said in a speech in Chandigarh. Late Thursday, the government approved 51 percent foreign direct investment in...
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