Party president Sharad Yadav at the same time supported Corporate Affairs Minster M Veerappa Moily on the issue saying "Moily's statement was according to our stand".
Moily had said in Bangalore that certain international lobbies were spreading such stories and Obama was not properly informed about the things that are happening, particularly when India's economic fundamentals are strong.
Yadav said that be it the statement of Obama or an article in TIMES magazine or the report of Standard and Poor, "the entire attempt is how to expand into the huge market that is available in India and other Third World countries".
The JD-U president also opposed FDI in the retail sector saying a population of 22 crore is involved in retail marketing and they have no other option to it.
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