BJP has reiterated that central government should reverse its decision to allow foreign direct investment (FDI) in multi-brand retail since it will endanger livelihood of millions of people. Chairman of parliament's standing committee on commerce Shanta Kumar has said that FDI in retail should be considered in high technology sectors where the country lacked expertise.
Commenting on the issue of FDI in retail, the vice president of BJP, Kumar said, "FDI is needed for the country's growth but it should be allowed keeping in mind the country's interests. It should be allowed in sectors we want and not in those the MNCs (multinational companies) want."
He stated that the decision to allow FDI in retail, he said it was made against the assurance given by the government in parliament that there would be consensus on the issue with stakeholders, including state governments and parties.
Rejecting the argument that FDI in retail was necessary to improve back-end storage infrastructure and reduce wastage of fruits and vegetables, he said India's private sector should be encouraged to develop warehousing.
Shanta Kumar, a former Himachal Pradesh chief minister, who is now a parliament member from the state, said the standing committee report on foreign and domestic investment in retail sector in 2009 had "unanimously" opposed entry of domestic corporate heavyweights and foreign retailers in grocery, fruits and vegetables and suggested restrictions on them for opening large malls to sell other consumer products.
The report said unorgansied retail in the country provided employment to more than 40 million people, accounting for 8 percent of total employment.
(With inputs from IANS)
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