Cabinet approves 100% FDI in retail, PM Modi mocked on Twitter for U-Turn

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The Centre’s Narendra Modi government on Wednesday gave its nod to 100 percent foreign investment in single brand retail trading (SBRT) and construction development and decided to open up Air India for FDI up to 49 percent.

retail

Besides, the Union Cabinet also decided that foreign institution investors and portfolio investors be allowed to invest in power exchanges through primary market and amended the definition of “medical devices” in its FDI policy, reported IANS.

The cabinet’s approval for 100 percent in retail sector evoked instant opposition from the Confederation of All India Traders (CAIT), which called the move a “serious matter.”

The CAIT also condemned the Modi government’s “love for MNCs.”

CAIT Secretary General Praveen Khandelwal said the move would facilitate easy entry of MNCs in retail trade and leave a large number of people jobless.

“It’s a serious matter for small businesses,” he said, adding the move was in a violation of the election promise made by the Bharatiya Janata Party.

Manish Tewari of Congress took to Twitter reminding Modi about his old tweet from 2012, when the latter had accused the Congress party of selling India to ‘foreigners.’

Tewari wrote, “Mr Prime Minster Sir – would you please explain how does this tweet square up with all the Cabinet decisions today opening up various sectors to 100% FDI ? Is your government giving nation to Foreigners????”

On social media, other users too began to post Modi’s old video and tweets condemning the then Manmohan Singh government on the proposed plan for FDI in retail sector.

Then there those, who reminded how Delhi Chief Minister Arvind Kejriwal had correctly predicted way back in 2014 that Prime Minister Modi would allow 100 percent FDI in retail sector.

Kejriwal in March 2014 was quoted by ANI, “In BJP now only Modiji’s words matter. If Modiji’s govt comes to power, there will be FDI in retail and unemployment will increase.”

 

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