Uproar in Parliament over FDI issue, both Houses adjourned

New Delhi, Nov 25 (ANI): Both the Houses of Parliament were adjourned for the day on Friday over Foreign Direct Investment (FDI) issue with opposition expressing strong resentment against the government's decision.

In the Lok Sabha, soon after Speaker Meira Kumar condemned the attack on Agriculture Minister Sharad Pawar, Trinamool Congress members rushed near the well of the house demanding cancellation of the decision of the Union Cabinet to allow 51 per cent FDI in multi-brand retail and 100 per cent FDI in single-brand retail.

Members of CPI(M), CPI and BJP were seen in the aisles raising slogans against the government's decision.

The Rajya Sabha also witnessed similar scenes. The entire opposition trooped into the well of the house raising slogans against the government's decision allowing FDI in the multi-brand retail sector.

Some of the agitating members were seen tearing the statement on FDI by the Commerce and Industry Minister Anand Sharma, which was earlier laid in the House.

The Cabinet had earlier on Thursday approved 51 percent FDI in multi brand retail, As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.

The decision in this regard was taken at the meeting of the Cabinet presided over by Prime Minister Dr. Manmohan Singh.

The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Owners of brands like Adidas, Gucci, Hermes, LVMH and Costa Coffee can have full ownership of business in India.

Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.

It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. It usually involves participation in management, joint venture, transfer of technology and expertise. (ANI)