BJP opposes foreign direct investment in multi-brand retail
KEEPING THE interests of the small traders, who form the bulk of its vote bank uppermost in mind, the Bhartiya Janata Party has refused to buy a government proposal to allow the foreign players enter the Indian market with the multi-brand retail.
The government is contemplating a Bill in the upcoming Parliament session for the purpose, believing that FDI (foreign direct investment) in retail would help bring down prices in the long run.
Rajya Sabha Opposition leader Arun Jaitley, however, says his party is opposed to the FDI (foreign direct investment) for two reasons:
“First, it will kill the self-employment opportunities that are the single largest creator of jobs and second, it will hit the Indian manufacturing sector leading to more job losses.”
The Centre had approached the BJP, the main opposition party, for its support to a the proposed Bill to allow foreigners set up the multi-brand retail shops in India.
BJP was approached for its support to allow foreigners to set up shops
The Left is opposed to FDI in this sector and hence the government will find difficulty to push through the measure after the BJP putting down its foot. Jaitley said the government should give a rethink to find out if the Indian economy was in a state to allow FDI in such a key sector at this point of time.
The multinationals may not be able to set up shops in metro cities because of the high real estate prices and so they would venture into smaller cities, thereby squeezing self-employment opportunities and dealing death blows to small shopkeepers, Jaitley said. policy decision.
Iftikhar Gilani is a Special Correspondent with Tehelka.com.