LS to resume discussion on FDI in retail today

Rajya Sabha is expected to take up debate on FDI in multi-brand retail and amendments to FEMA tomorrow

The debate on allowing 51% Foreign Direct Investment (FDI) in multi-brand retail will continue in the Lok Sabha today with voting expected to take around evening.

Rajya Sabha is expected to take up the debate on FDI in multi-brand retail and amendments to the FEMA act tomorrow. On Tuesday, after initiating the debate, leader of the Opposition Sushma Swaraj said small retailers would lose business after big retail chains come into the country.

The debate began with Swaraj asking the government to withdraw its decision allowing FDI in multibrand retail. Trying to defend the government, Union Minister for telecommunications, Kapil Sibal charged the opposition with vacillation and opportunism.

He said that as only 18 cities would qualify for FDI, it was not as if a wave of conquerors or colonisers was going to attack the Indian markets and steal the livelihood of poor Indians. Only 53 cities meet the 10 lakh population condition and of them only 18 had governments which had permitted FDI.

SP supremo Mulayam Singh Yadav warned the UPA of a political fallout in the next Lok Sabha elections if it continued to press the issue. Trinamool Congress said the government was selling its sould for a few pieces of silver.

The Parliament is debating the government’s decision to allow 51% FDI in multi-brand retail almost two months after the union cabinet cleared the proposal.