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Samajwadi Party opposes FDI in multi-brand retail as "black law "

Posted on Dec 06, 07:25PM | UNI

Samajwadi Party today in the Rajya Sabha expressed its firm opposition to allowing 51 per cent FDI in multi brand retail in the country terming the policy as a "black law" that would destroy the poor farmers of the country.

Iterating emphatically the party's decision not to allow FDI in Uttar Pradesh, Mr Naresh Aggarwal said the SP was not responsible for "making or marring" the UPA II Government at the Centre and demanded that the Government review its decision.

Inviting FDI would ruin the poor Indian farmers as they did not enjoy subsidy, he said.

Speaking during the debate on a motion moved against the Congress-led UPA's decision allowing 51 per cent FDI in multi-brand retail, Mr Aggarwal expressed doubt saying what was the guarantee that the investor would not source raw materrial from China.

Already Chinese goods had flooded the market and the markets were full of imported Chinese pichkadis during Holi festival and even idols of Indian gods and goddesses were available from China.

The policy also went against the country's Swadeshi policy, he added. He noted that US multi-nationals Pepsi and Coca Cola had replaced the Indian soft drinks previously available.

Mr Aggarwal regretted that while Indian industrialists were invited by the Finance Minister for pre-Budget consultations, there was hardly any representation of farmers in these consultations.

He demanded figures on the total investment by Indian industrialists in India.