You are here: Home » PTI Stories » National » News
Business Standard

Cong takes swipe at Modi over FDI policy

Press Trust of India  |  New Delhi 

Ahead of a meeting to review its foreign direct investment (FDI) policy today, the took a swipe at Prime Minister Modi and asked him not to relegate the opportunity to "photo-ops" and to take measures to boost oversea inflows.

Congress's communications department in-charge Randeep Surjewala said his party-led had taken several measure to liberalise the economy and boost investment, but Modi and the had "virulently opposed" in retail in 2012.

"We hope that the prime minister will move beyond rhetoric to ensure growth in the investment climate in We also hope the current meeting will also not be relegated to photo-ops and platitude," he said.

Surjewala said there were reports that the had been considering relaxing norms in retail and bring in single-brand retail under the automatic route.

He said the permitted 51 per cent FDI in multi- brand retail in metropolitan cities without hurting Indian producers, small-scale industries, and wholesale and retail trade.

But Modi, who was the chief minister of Gujarat then, had opposed it, he said.

Surjewala quoted Modi as saying then, "It (FDI in retail) will immensely harm small shopkeepers, hit the domestic manufacturers and create joblessness. It will also mean that cheap goods produced outside will be dumped in our country."

On December 2, 2012, the moved a motion in the Lok Sabha opposing 51 per cent FDI in multi-brand retail, but it was defeated, the leader said.

On March 7, 2013, the then Leader of the Opposition and present Finance Minister Arun Jaitley had stated that the would fight against FDI in retail "till its last breath", he said.

"We have seen a lot of talk on investment, but minimum results in the three years of the BJP government. No wonder that over 71 FDI proposals running into a few billion USD have been pending on the table of the prime minister since 2015. That is his commitment to ease of doing business, he said.

This "spoke volumes" about ease of doing business, he said.

"What is even more shocking is that private investment is the lowest in last 25 years," Surjewala said.

He said, "We are awaiting what the prime minister seeks to do and we will watch it closely.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 14 2017. 18:13 IST