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NDA to scrap FDI if voted to power: Joshi

Posted on Dec 09, 11:19AM | UNI

Alleging that a deal of several billion dollars was taken place with multi-national companies for implementing foreign direct investment (FDI) in multi-brand retail, senior Bharatiya Janata Party (BJP) Leader today asserted that the FDI will be scrapped, if the National Democratic Alliance (NDA) comes to power at the Centre.

"The FDI is going to benefit neither farmers nor small traders. The whole drama on FDI is nothing but an eyewash by the UPA government," Mr Joshi told media here.

Ruling out the Centre's claim that an average 40 per cent sale would be increased in fruit and cereals markets due to FDI, Mr Joshi said mere five to seven per cent sale would be enhanced. "The figure is applicable to Walmart shops alone," he pointed out.

The BJP leader said that according to a Transparency International report the FDI was a failure in as many as five countries where it was introduced.

Mr Joshi alleged that the Walmart balance sheets had shown that huge amounts to educate the Indian politicians.

He also alleged Finance Minister P Chidambaram visited the United States and the United Kingdom, France and other European countries during his first tenure and invited the multinational companies to invest in India.

Mr Joshi, who is also the PAC Chairman, said due to the opposition of the BJP, FDI could not be implemented in insurance sector.

To a query about the defeat of the FDI voting on Opposition's motion in the Lok Sabha and then the Rajya Sabha against the UPA's decision to allow 51 per cent FDI in multi-brand retail, Mr Joshi said, "Almost all opposition parties supported but it was defeated due to personal interests of some parties." Mr Joshi said the Centre had adopted a wrong policy on LPG cylinders issue and the government should fix prices as per the Indian market.

He claimed that the BJP would register a thumping victory in Gujarat Assembly elections.