Sunday, November 27, 2011

51% FDI in multi-brand retail will be disastrous: Ravi Shankar Prasad

PATNA: Taking strong exception to the UPA government's decision of allowing 51% FDI in multi-brand retail sector, the BJP has decided to raise the issue in the winter session of parliament.
BJP national chief spokesperson and Rajya Sabha member Ravi Shankar Prasad on Saturday said, "This is a disastrous move which will have great adverse impact on the country' service sector, bringing in an era of monopoly by foreign companies."
"The move would weaken the domestic manufacturing sector and encourage predatory pricing," he said, adding, "We have seen the consequences of allowing FDI in retail sector in countries like the US, Brazil, Thailand and other Latin American countries, whose economies were destroyed by the move." The retail sector is one of the biggest avenues of generating employment and the move would have an adverse impact on self-employment, he said.
The BJP leader also accused the Congress of shying away from debate in parliament with voting on the issues of corruption, bringing back black money stashed away in foreign banks and inflation. Prasad said, "France has provided to the Centre the names of 700 persons whose bank accounts are in Switzerland but the Congress-led UPA government is not willing to disclose their names." The party's unwillingness to hold a debate with voting shows that Congress does not want an honest debate on the issue.
We have an economist Prime Minister at the helm for over seven years now, but he has failed to contain inflation, said Prasad and added the government's job is not only to get a bill passed in parliament but also to give attention to other pressing problems.
He said that Advani's 40-day-long Jan Chetna Yatra, which passed through 23 states and 5 union territories, covering 8,000km, was a huge success as it got unprecedented response in non-BJP ruled states like Tamil Nadu, Uttar Pradesh, Rajasthan and Odisha.

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