SME Times is powered by   
Search News
Just in:   • Bosch to invest Rs.650 crore in India  • Defence companies in India to form industry alliance  • IT, ITeS hold promise for India-central Europe partnerships  • HCL signs MoU with Skill Development Corporation  • Maldives to launch new currency series 
Last updated: 10 Dec, 2012  

Walmart.9.Thmb.jpg Opposition wants Wal-Mart lobbying reports clarified

   Top Stories
» E-commerce driving growth of SMEs: Study
» Modi, Merkel seek to give economic muscle to Indo-German ties
» India set to grow at 7.5 percent in 2016: IMF
» Global economy forecast to grow by 2.3 pc in 2015: Fitch
» China slowdown won't impact India: FM
SME Times News Bureau | 10 Dec, 2012
Opposition parties in the Rajya Sabha Monday demanded a clarification on reports of Wal-Mart lobbying in the US to open the way for foreign equity in retail trade in India.

Raising the issue during zero hour, Bharatiya Janata Party (BJP) leader Ravishankar Prasad quoted newspaper reports on a lobbying disclosure report submitted by retail giant Wal-Mart in U.S., and said that since lobbying is illegal in India, this was a case of bribery.

"There was a long debate on FDI (foreign direct investment) in retail. All major newspapers today have reports that Wal-Mart, in its lobbying disclosure report, has said Rs.125 crore was spent on lobbying," Prasad said.

"In 2012 alone, they spent US$ three million in India. Lobbying is illegal in India. This is a case of bribery," he said.

The opposition member demanded halting the decision to allow FDI in retail and initiation of an inquiry into the case.

He was joined by members from other opposition parties, including the Left and Trinamool Congress.

Minister of State for Parliamentary Affairs Rajeev Shukla then said he would convey the matter to the minister concerned.

The irked opposition, though, continued shouting and demanding a clarification, forcing Deputy Chairman P.J. Kurien to adjourn the upper house briefly for 10 minutes.

Last week, the decision to allow FDI in retail was put to vote in both houses of parliament, and passed.

Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 55.25 54.00
As on 07 Oct, 2015
  Daily Poll
Will market regulator's plan to simplify start-ups' listing help SMEs?
 Can't say
  Commented Stories
» MUDRA: Will it solve MSME credit crunch(10)
» RBI cuts rate by 50 basis points(4)
» Starting an import export business: Basic guide for beginners(3)
» Govt mulls 'Online Udyog Aadhaar Form' to ease SME registration(3)
» Govt to ease norms for doing business for MSMEs: Secy MSME(3)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter