FDI in retail: Modi calls PM 'Singham'
Gujarat Chief Minister Narendra Modi on Saturday slammed Prime Minister Manmohan Singh on the United Progressive Alliance (UPA) government's decision to allow Foreign Direct Investment (FDI) in multi-brand retail and said he has become a 'Singham' (lion) for foreigners.
Hinting at UPA President Sonia Gandhi's origin, the senior Bharatiya Janata Party (BJP) leader asked the PM that the country would like to know that how many 'Italian businessman' would take advantage from the decision.
"Manmohan Singhji has turned into a Singham overnight," Modi said while addressing a youth convention in Bhavnagar.
"You (Prime Minister) have allowed foreign traders to enter India," Modi said.
"How many Italian businessmen will to take advantage of this? How many businessmen from Italy will come to India to run grocery stores?" Modi asked.
Pertinently, 'Singham' is a Bollywood film where actor Ajay Devgn had played the character of a tough police inspector of the same name.
The Union Cabinet on Friday approved 51pc FDI in single-brand product retail trading after amending certain conditions in the policy.
"The Cabinet has approved the proposal of the Department of Industrial Policy and Promotion for amendment of the existing policy on Foreign Direct Investment in Single-Brand Product Retail Trading," read an official statement.
The government had permitted FDI, up to 100pc , in single brand product retail trading, subject to specified conditions
The Cabinet Committee on Economic Affairs also relaxed rules for FDI in the aviation sector, allowing international airlines to invest upto 49 percent in domestic airline firms.