No FDI In Retail Trade

The Communist Party of India (Marxist) and the Communist Party of India have issued the following statement:

No FDI In Retail Trade

The Central Government is once again considering the opening up of multi-brand retail trade to Foreign Direct Investment. The Department of Industrial Policy & Promotion is pushing for such a move.

Retail trade in the country employs lakhs of people, whose livelihood will be jeopardized if big foreign companies like Walmart and Tesco are allowed into the retail trade.

It is strange that the UPA government is contemplating this step when the Congress Party itself has taken a stand against the entry of foreign companies in retail trade as stated in its resolution in the AICC session held in Hyderabad in 2006.

The Left parties have consistently opposed the entry of foreign companies into retail trade. A wide spectrum of political parties, retail trade associations and public opinion is against such a move.

The UPA government should desist from allowing FDI in multi-brand retail trade.