Parliament approves FDI
Opposition's motion against FDI fails in the upper house of Parliament.December 10, 2012 | comments ( 0 ) |
India’s parliament on Friday rejected opposition's motion against FDI in retail and approved the government’s plans to allow international players like Walmart to open up their retail outlets in the country. Two days after it had won a similar approval in the Lok Sabha,
However, the final take on this will be of the state's and till now 10 states have welcomed the decision.
The policy, debated for years by political parties, will allow foreign retail chains to do business in India and enable the government to carry forward reforms that will shore up a slowing economy and bring in a fresh infusion of investment, which could also help farmers and small businesses.
Opposition seemed disappointed after the motion was rejected and feel this is a crushing step for small retailers and will lead to exploitation of farmers. India will become a country of sales girls and boys where shops run by American and British companies will sell mostly Chinese goods warned Arun Jaitley, a top opposition BJP leader.
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