BJP against FDI in multi-brand retail sector
Updated: Apr 07, 2014 04:18:10pm
New Delhi, Apr 7 (KNN) The Bharatiya Janata Party (BJP) today released its 52 page election manifesto in which it has categorically stated that it will invite foreign direct investment in all sectors barring the multi-brand retail sector.
“Barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialized expertise,” it said.
However, in the much delayed manifesto released when certain sections of India began voting, BJP reiterated its commitment to protecting the interest of small and medium retailers, SMEs and those employed by them.
The FIPBs (Foreign Investment Promotion Board) functioning shall be made more efficient and investor friendly, it said.
On the other hand, the Congress said that FDI in multi-brand retail will bring better returns to farmers. “We will promote greater integration with the global economy and encourage Foreign Direct Investment, especially in labour intensive sectors,” it said in its manifesto.
Nonetheless, AAP is opposed to FDI in retail. "In principle", the AAP is not against foreign direct investment (FDI). However, it continues to oppose FDI in the multi-brand retail sector, a stand the party had taken during its 49-day rule in Delhi. Barring this, it has little common ground with the BJP, it said.
Meanwhile, industry body FICCI has reacted to the BJP manifesto: “The BJP manifesto outlines multiple measures for inclusive development, with focus on governance, growth and employment. These are arguably the key concerns facing the economy today”, said President, FICCI, Sidharth Birla.
“Besides investment friendliness, we welcome the openness to FDI linked to creation of assets and employment. Though we feel disappointment on the stand on FDI in Multi-Brand Retail, we hold out hope for a possible review in the future”, he added. (KNN/ES)
“Barring the multi-brand retail sector, FDI will be allowed in sectors wherever needed for job and asset creation, infrastructure and acquisition of niche technology and specialized expertise,” it said.
However, in the much delayed manifesto released when certain sections of India began voting, BJP reiterated its commitment to protecting the interest of small and medium retailers, SMEs and those employed by them.
The FIPBs (Foreign Investment Promotion Board) functioning shall be made more efficient and investor friendly, it said.
On the other hand, the Congress said that FDI in multi-brand retail will bring better returns to farmers. “We will promote greater integration with the global economy and encourage Foreign Direct Investment, especially in labour intensive sectors,” it said in its manifesto.
Nonetheless, AAP is opposed to FDI in retail. "In principle", the AAP is not against foreign direct investment (FDI). However, it continues to oppose FDI in the multi-brand retail sector, a stand the party had taken during its 49-day rule in Delhi. Barring this, it has little common ground with the BJP, it said.
Meanwhile, industry body FICCI has reacted to the BJP manifesto: “The BJP manifesto outlines multiple measures for inclusive development, with focus on governance, growth and employment. These are arguably the key concerns facing the economy today”, said President, FICCI, Sidharth Birla.
“Besides investment friendliness, we welcome the openness to FDI linked to creation of assets and employment. Though we feel disappointment on the stand on FDI in Multi-Brand Retail, we hold out hope for a possible review in the future”, he added. (KNN/ES)
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