Mamata opposes FDI in retail, insurance and aviation

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SME Times News Bureau | 24 Aug, 2012
Trinamool Congress chief Mamata Banerjee Thursday reiterated her objection to overseas investment in multi-brand retail, insurance and aviation sector.

"We are not in favour of retail FDI and all this (FDI in insurance and aviation)," the West Bengal chief minister told reporters here after meeting Finance Minister P. Chidambaram.

Trinamool is the second largest constituent of the Congress-led United Progressive Alliance (UPA) with 19 members in the Lok Sabha.

Banerjee said overseas investment would hurt the interest of common people and her party would oppose any such move.

"In our election manifesto what we raised, we will stick to it ... Other countries all over world are also saying if they allow FDI in retail market, then workers will die. So we are not in favour of it," she said.

"We are not in favour of FDI in aviation also."

In a bid to push for financial sector reform, Chidambaram Wednesday cleared a proposal to raise foreign direct investment (FDI) limit in insurance and pension sectors to 49 percent from the current 26 percent.

The government early this year suspended the implementation of a decision to allow FDI in mult-brand retail following protests from Trinamool, the Bharatiya Janata Party and Left.