CPI(M), CPI oppose govt move to allow FDI in retail sector | delhi | Hindustan Times
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CPI(M), CPI oppose govt move to allow FDI in retail sector

delhi Updated: May 25, 2010 15:17 IST
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Left parties today attacked the government for trying to open up retail trade to foreign direct investment, saying the Congress itself had opposed this in 2006.

"The Central Government is once again considering the opening up of multi-brand retail trade to Foreign Direct Investment. The Department of Industrial Policy & Promotion is pushing for such a move," the CPI(M) and the CPI said in a joint statement here.

"It is strange that the UPA government is contemplating this step when the Congress Party itself has taken a stand against the entry of foreign companies in retail trade as stated in its resolution in the AICC session held in Hyderabad in 2006", the two Left parties said.

Maintaining that they had consistently opposed the entry of foreign firms in retail trade, the Left parties said this sector employs "lakhs of people, whose livelihood will be jeopardized if big foreign companies like Walmart and Tesco are allowed into the retail trade".

The UPA government should desist from allowing FDI in multi-brand retail trade, the CPI(M) and the CPI said.