By TCN News,
New Delhi: The Welfare Party of India has criticized the Union Cabinet approval of relaxing the cap on FDI in retail sector. The bill approved by the Cabinet entitles foreign direct investment to 51 percent in multi-brand retail and 100 percent in single-brand.
Dr. S.Q.R. Ilyas, General Secretary of Welfare Party, wondered why, in spite of strong resistance from the public and retail traders, the government took such a harsh and hasty decision. “The Congress that leads the UPA has gone to such an extent that the resentment and reservations of the coalition partners are taken lightly and is severely serious to appease giant corporate houses,” Dr Ilyas said in a statement.
He further expressed his dismay and regret that the UPA government headed by a noted economist failed to evaluate the economic crisis in Europe and the West created by the uncontrolled market-economy policy that they follow. Experiments of entry of corporates in retail sector led only to mass unemployment and collapse of vital agriculture sector, he added.
Mohd. Shuaib, Media Coordinator, Welfare Party, informed that the party has written a letter to all major political parties, appealing to them to ensure that the controversial FDI Bill get not passed through in the parliament.
He further expressed his dismay and regret that the UPA government headed by a noted economist failed to evaluate the economic crisis in Europe and the West created by the uncontrolled market-economy policy that they follow. Experiments of entry of corporates in retail sector led only to mass unemployment and collapse of vital agriculture sector, he added.
Mohd. Shuaib, Media Coordinator, Welfare Party, informed that the party has written a letter to all major political parties, appealing to them to ensure that the controversial FDI Bill get not passed through in the parliament.