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Trinamool feels vindicated by recent political events on FDI

Posted on Dec 06, 07:21PM | UNI

All India Trinamool Congress MP Derek O'Brien today said the recent political happenings had vindicated its opposition to FDI in multi-brand retail even if a "feckless" UPA II Government chose to ignore its "wisdom".

Speaking during the debate in the Rajya Sabha on a motion moved against the Congress-led UPA's decision allowing 51 per cent FDI in multi-brand retail, Mr O'Brien recalled that six of his AITC colleagues had tendered their resignation from the Union Council of Ministers against what he called "this astonishing bad idea".

He, however, hastened to clarify that Trinamool was not anti-reforms but was only opposed to the policy throwing open of the country to multi-brand retail.

Genuine reform was "about giving infrastructural push and opening of manufacturing units" and what was being proposed by the Centre in the name of reforms was not reforms, Mr O'Brien said.

Unlike the West where foreign investment was not a threat to well-established domestic industry, this was not the case in India and called for "egalitarian and equitable" FDI, he said.

Dispelling notions that FDI in retail would eliminate the unwanted middleman, he pointed out that in fact the mncs brought in their own set of middlemen.