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Mamata opposes FDI in key sectors

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West Bengal Chief Minister and Trinamool Congress Chief, Mamta Banerjee (file photo)
West Bengal Chief Minister and Trinamool Congress Chief, Mamta Banerjee (file photo)

UPA key ally Trinamool Congress today strongly opposed allowing FDI in key sectors like retail, insurance and aviation arguing that it would be harmful for the people of the country.

“We are not in favour of FDI in retail and all this (insurance)... and pension sectors. We are not in favour of FDI in aviation also. Always we are in favour of common people,” Trinamool Congress chief Mamata Banerjee said.

She was speaking to reporters here after meeting Finance Minister P. Chidambaram.

“In our election manifesto what we raised, we will stick to it ... Other countries all over world are also saying if they allow FDI in retail market, then workers will die... So we are not (in favour),” Banerjee said.

The Government has been unsuccessful in going ahead with the key reform bills in Parliament mainly because of opposition from its key ally Trinamool Congress.

It has not been able to go ahead with the implementation of Foreign Direct Investment (FDI) in multi-brand retail even after securing Cabinet approval.

Besides, the Government proposes to increase the foreign investment cap in insurance sector to 49 per cent from 26 per cent.

Further, it is also looking at passing the Pension Fund Regulatory and Development Authority Bill, 2011, which provides for private sector and foreign investment in pension sector.

In the aviation sector, the Government is toying with the idea of allowing foreign airlines to pick up stake in domestic carriers.

(This article was published on August 23, 2012)
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Comments:

it is very good decision.India have back money in foreign country bank bring it and invest this sector, why we depend others, when we will independent in this investment sector.

from:  ravi
Posted on: Aug 24, 2012 at 12:54 IST

The strong opposition by Trinamool Congress against allowing FDI in key sectors like retail, insurance and aviation arguing that it would be harmful for the people of the country is a welcome phenomenon. In fact, almost all opposition parties, most allays of UPA and many Congress Party men are against such neo-liberal reforms. A Company like Wall-Mart, if it enters India, will sell everything tradable in the retail market, which an ordinary retailer can never imagine selling. The tiny traders will never be able to stand the price war created by these big retailers and as a result they will not be able to survive. These persons will not be able to find jobs in other sectors because of lack of job opportunities. Experiences show that even retailers in the organised sector will not be capable of facing the onslaught from firms such as Wall-Mart, if and when it comes. Therefore, allowing the multinational retail giants into India tantamount to opening the Pandora’s Box.

from:  Dr.C.Murukadas
Posted on: Aug 24, 2012 at 14:05 IST
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