Finance Minister Pranab Mukherjee may be right in pushing for FDI in retail because reports have been pouring in, indicating that the economic downturn in India and abroad will worsen in coming weeks. 'I want money,' an agitated Finance Minister Pranab Mukherjee reportedly told the Cabinet on Thursday, November 24, when coerced by colleagues from his Congress party for pushing 51 per cent Foreign Direct Investment in retail. The FDI issue is...
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The retail counter-revolution by CP Chandrasekhar
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...
More »Opposition wants floor test for FDI in retail
-The Hindu Parliament logjam continues The government and the Opposition hardened their stance on Foreign Direct Investment (FDI) in the multi-brand retail sector, as Parliament remained disrupted for the third day on Tuesday on the issue. A meeting convened by Leader of the House and Finance Minister Pranab Mukherjee to reach out to the Opposition on the issue, 90 minutes before Parliament began its session, proved nothing more than a ritual. The entire Opposition...
More »Unanimous opposition to ‘targeted' Food Security Bill by Gargi Parsai
Cutting across party lines, several members of Parliament backed a universal public distribution system to ensure food security for all citizens “as a right” and vowed to oppose the ‘targeted' food security bill in Parliament. Among the participants at a Jan Manch organised by the Right to Food Campaign were G. Vivekananda, K. Keshava Rao and Mani Shankar Aiyer (Congress), Prakash Javadekar (BJP), Brinda Karat and P. Rajeev (CPI-M), D. Raja...
More »It will adversely affect 1.5 crore small retailers, says AIDWA
-The Hindu The All-India Democratic Women's Association (AIDWA) has strongly opposed the decision of the Congress-LED government to throw open the Indian retail market to Foreign Direct Investment (FDI) to the tune of 51 per cent in the multi-brand retail sector. “This will have a very serious and adverse impact on around 1.5 crore small retailers in our country. The livelihood of more than 4 crore self-employed people is being placed at...
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