CPI(M) on Saturday said it was not against Foreign Direct Investment (FDI) in India, but was opposed to it in retail trade to safeguard the interest of small traders.
"We are not against Foreign Direct Investment in India, but are against FDI in retail trade," CPI(M) general secretary Prakash Karat said in Kolkata on Saturday.
Speaking at an interactive session on 'Current Political and Economic Scenario and Role of Citizens', Karat said that Left parties had welcomed FDI in the country, but were opposed to their entry in retail trade as it would severely affect small traders.
"We had consistently impressed upon the UPA government when we were lending support to it about the danger of allowing FDI in retail trade," the CPI(M) leader said.
CPI(M), he said, was for augmenting production and job potential side by side in the country for overall economic growth.
Karat said that the Left parties had resisted and would continue to resist any attempt to mount attack on the national economy.
"This was our stand in the last five years," the Communist leader said.