FDI in retail is nothing but to mortgaging India markets to global retailers: Joshi

Varanasi: Senior parliamentarian and Chairman of Public Accounts Committee of the Parliament Dr.Murali Manohar Joshi today slammed the UPA government for allowing FDI in Retail Trade of India and said that it is nothing but to mortgage the indian retail trade at the hands of global retailers. Dr. Joshi was speaking at a " Trader's Conference" here at Varanasi today held by the UP State Unit of the Confederation of All India Traders (CAIT), an apex body of the trading Community of the Country. Addressing the Conference Dr. Joshi in unquivocal terms said that if in Loksabha elections in 2014, the NDA is voted to power, it will reject the current notification of allowing FDI in Retail Trade.
Addressing the Conference on "FDI in Retail" at Sareen Hotel,Varanasi, Dr. Joshi lambasted the UPA Government said since its policy would shatter the Indian economy besides causing unemployment. He warned that Walmart and other retail giants procure about 80,000 different products manufactured by nearly 6,000 Chinese companies at cheaper rates and sell the same in India at higher prices and ultimately the Indian consumer will be hit hard.
Dr. Joshi also dismissed the statement of Prime Minister Dr. Manmohan Singh that state governments were free to decide on the entry of Walmart. He said that as per the World Trade Organisations norms, the global retailers including could set up their business at any place in the country without any restrictions. He said that the Centre would be have no control over the foreign companies. He said that the FDI in infrastructure might be tolerated to some extent. But the FDI in agriculture and retail sectors was highly unacceptable. He alleged that the country was being pushed into slavery in the name of modernisation.
Addressing the participants at the Conference CAIT National Secretary General Mr. Praveen Khandelwal cast reflections on the integrity of the UPA Government since the facts and figures quoted in support of their decision to allow fdi in retail, the Government has misled the Country and he even challanged the Government to hold an "open debate" on this issue at any public platform.