Walmart row CPI-M seeks independent, time-bound inquiry
Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury on Tuesday sought an independent and time-bound inquiry into the Walmart lobbying issue. "We want an independent inquiry and we want a time bound inquiry. This is not an issue on which great deal of investigation will be required," he said. "They have indulged in such acts in other developing countries, including India. In this context, our opposition to the FDI in the retail sector stands vindicated," he added. Yechury said that the CPI-M would oppose banking and pension reform bills in the Parliament. "So this is going to be affecting future of crores of Indian employees, who have their life-time saving and future economic security in pension. So this is something, we are going to strongly oppose and also oppose, in this period of global financial crisis, the banking reforms which permit the foreign capital in Indian banks to have more directors on the banks," he said. The opposition created uproar in both houses of Parliament earlier today over reports of lobbying by Walmart to gain entry into India. The media report had claimed that Walmart had lobbied with US lawmakers for the last four years to facilitate their entry into the Indian retail market.
It claimed that the company had spent 25 million dollars as per a report submitted in US senate. The amount is equivalent to Rs. 125 crore.
The government won a vote in both houses of Parliament last week on its decision to allow Foreign Direct Investment in multi-brand retail.