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Opposition slams Modi govt on FDI in retail
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SME Times News Bureau | 15 Jul, 2017
Main oppostion party, Congress on Friday slammed Narendra Modi government on FDI in
retail, saying it had earlier opposed the move but now was considering
relaxing the norms and also bringing in FDI in single-brand retail under
the automatic route at a time when private investment was the lowest in
25 years.
The party also hoped that Modi will move beyond rhetoric to ensure growth in investment climate in India.
"Prime
Minister Narendra Modi chaired a meeting to review India's FDI policy
amidst news reports that government is considering relaxing FDI norms in
retail and also bring FDI in single-brand retail under the automatic
route," said Congress spokesperson Randeep Singh Surjewala.
"Congress
wants to remind that UPA government took a series of steps to
liberalise the economy, including permitting 51 per cent FDI in
multi-brand retail without hurting the Indian producers, small scale
industries or the wholesale or retail trade and even restricted this to
major metropolitan cities."
He noted that it was BJP which "virulently opposed the FDI in retail".
"On
September 14, 2012, Modi opposed FDI in retail stating 'it would
immensely harm small shopkeepers, hit the domestic manufacturers and
create joblessness. It would also mean that cheap goods produced outside
will be dumped into our nation'. "On December 2, 2012, BJP
moved a motion in Lok Sabha opposing 51 per cent FDI in multi-brand
retail, which was defeated. On March 7, 2013, the then Leader of
Opposition of BJP and present Finance Minister Arun Jaitley stated that
BJP will fight FDI in retail 'till the last breath'," he added. Surjewala
also said: "We have seen a lot of talk on investment, but minimum
results in three years of the BJP government. No wonder that over 71 FDI
proposals running into a few billion dollars are pending since 2015.
"This
speaks volume about ease of doing business. What is even more shocking
is that private investment is the lowest in last 25 years. We hope that
the Prime Minister will move beyond rhetoric to ensure growth in
investment climate in India."
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