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BJP opposes FDI in retail sector

New Delhi, Fri, 27 Jan 2012 ANI

New Delhi, Jan 27 (ANI): The Bharatiya Janata Party (BJP) has objected to Foreign Direct Investment (FDI) in retail sector, saying that it would pose a threat to farmers and small traders.

 

Senior BJP leader Murli Manohar Joshi said the first victims of FDI in retail sector would be farmers and small traders, since global giants would usurp their land and business interests.

 

"The first victims of these (multi-national) companies were farmers and small traders. In America, the farmers lost their land, their land was confiscated and they were made labourers. Similar things happened in many countries of Europe," he said at a public gathering here, on Thursday.

 

Joshi further said the threat posed to farmers' lands and occupation would be more complicated with the presence of multinational companies (MNCs).

 

"A major danger is around the corner for farmers and small traders. Your (farmers') land, your farming, and your way of living are under serious threat," he added.

 

The Central Government had earlier this month 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)

 


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