Baba Ramdev objects to entry of FDI in retail

Lucknow, Apr 5 (ANI): Yoga Guru Baba Ramdev has raised a voice against the entry of Foreign Direct Investment (FDI) in the retail sector.

Slamming the UPA II Government for various scams, Baba Ramdev said efforts need to be made to protect India from foreign companies, and added that corruption has made the nation bankrupt.

"We need to protect our country from all four directions. The conspiracy of foreign companies to squander the wealth of the country is a matter of great danger for India's present and future. Corruption has made the country bankrupt. The loot of mineral resources, taxes paid for the development of the country, demand of bribe for all sorts petty jobs etc, where would this country go?,' Baba Ramdev asked media.

Baba Ramdev claimed that FDI in retail would leave 50 million people unemployed.

"With the entry of foreign companies and foreign direct investment in the retail market, at least five crore (50 million) people will lose job and become unemployed. There is a very direct question- when the money, brain, shops, vendors, customers, factories, resources are ours, then why should foreign companies benefit?" asked Baba Ramdev.

Baba Ramdev also said government ministers have destroyed the country's economy with their scams.

"Corrupt corporates, politicians, bureaucrats, and all people behind their management who bring dishonour to the country every day through their deeds, combined with the conspiracies of the foreign companies has led to the destruction of the country's economic condition. The economy is the strength of any country. And, if more than half of the country economy is ruled directly or indirectly by foreign companies, then it is extremely dangerous for the present and future of the nation," said Baba Ramdev.

The Central Government had earlier allowed 100 percent foreign equity in single brand retail, notifying the norms that among other things said all wholly-owned international brands will need to source 30 percent of their requirements locally.

The government justified the move, saying that foreign direct investment (FDI) in single brand will attract more foreign direct investment in production and marketing of consumer goods apart from improving their availability. (ANI)