PM defended foreign direct investment (FDI)

NEW DELHI: On Tuesday Prime Minister Manmohan Singh vigorously defended his Cabinet’s approval for foreign direct investment (FDI) in the multi-brand retail sector, hours after the Opposition and Congress allies forced an adjournment of Parliament for the third day demanding that the decision be reversed.

Manmohan Singh used the valedictory session here of the Youth Congress convention of elected office-bearers to not only pitch for the controversial FDI policy but also criticise the Opposition for not allowing the Parliament to function, and explain the steps taken by the government to control inflation. He said he expected to see a reduction in inflation by March 2012.

He pointed out the benefits that would accrue to farmers and consumers, and increased employment opportunities in rural areas, if FDI in multibrand retail became a reality, the Prime Minister said the policy had a provision that would take care of the interests of small traders. Besides, the experience of other countries demonstrated that small and big retailers could co-exist.

PM said, “We have not taken this decision in haste, but after a lot of consideration,” stressing, “It is our firm conviction that the decision will benefit our country.”

He said the Centre was not forcing anyone to follow this policy: “State governments that are not convinced of its usefulness have the means to prevent foreign participation in retail businesses in their States.” He asked the YC leaders to help the government in sending a right message to the public about its intention in permitting FDI in the retail sector.
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