Asking the government not to succumb to this "pressure", the CPI(M) Politburo said the party "objects to the remarks made by Obama that India open the doors to Wal-Mart for retail trade and other American investments in India."
Obama's remarks were "a brazen attempt to pressurise the UPA government to adopt such steps as opening multibrand retail to FDI," it said, adding that the Manmohan Singh government "should not succumb to this pressure."
"The CPI(M) wants the government not to open up retail trade to foreign supermarket chains which will endanger the livelihoods of lakhs of small shopkeepers and traders," the party said in a statement.
Party leader Nilotpal Basu had yesterday said the US "wants us to open up our economy and market on their terms. For this purpose they are creating this pressure...As it is, no one believes that under the present situation, there will be any sea change in the investment scenario the world over."
He had also said that Washington was "giving us a certificate on investment and economy when it itself is facing economic problems. We have to ensure our national interests on our own. It is laughable."
Other Opposition parties, including the BJP, had also come down heavily on the US President's remarks that India prohibited foreign investment in too many sectors.
