CPI-M threatens to take fight against FDI to streets

Asserting that foreign direct investment in multi-brand retail was not in the interest of the country, the Communist Party of India-Marxist (CPI-M) on Wednesday said it would take its fight on the issue to the streets.

Asserting that foreign direct investment in multi-brand retail was not in the interest of the country, the Communist Party of India-Marxist (CPI-M) on Wednesday said it would take its fight on the issue to the streets.

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"We will not let Wal-Mart enter our country so easily, we will oppose it. We know the government will not let us win here, but we will take the fight from parliament to the streets and will hold protests across the nation against FDI," CPI-M MP Basudeb Acharia said during the Lok Sabha debate on foreign direct investment (FDI) in retail.

Addressing the House on day two of the debate, Acharia said the government must do a rethink on the issue that would further increase inflation.

"FDI is not in the interest of our country, farmers and retail sector. I urge the government to reconsider and rethink," he said.

Acharia said international experience showed that FDI did not benefit either farmers nor consumers.

"Small-scale industries were wiped off in countries that allowed FDI in retail. FDI will further increase inflation," he said.