Monday, Aug 03, 2020 | Last Update : 06:15 PM IST

132nd Day Of Lockdown

Maharashtra44122827680915576 Tamil Nadu2576131964834132 Andhra Pradesh158764828861474 Delhi1376771233174004 Karnataka134819577252496 Uttar Pradesh92921533571730 West Bengal75516527301678 Telangana6766048609551 Gujarat63675466892482 Bihar5727036637322 Rajasthan4441031216706 Assam4290532385105 Haryana3651929690433 Odisha3491321955236 Madhya Pradesh3353523550886 Kerala259121446383 Jammu and Kashmir2141613127396 Punjab1785311466423 Jharkhand121884513115 Chhatisgarh9608699158 Uttarakhand7593443786 Goa6530466853 Tripura5248346323 Puducherry3806230952 Manipur283117377 Himachal Pradesh2654150813 Arunachal Pradesh19359693 Nagaland19356484 Chandigarh111769819 Meghalaya8742645 Sikkim6582891 Mizoram4702580
  Opinion   Edit  14 Jan 2018  Modi’s U-turn on FDI

Modi’s U-turn on FDI

THE ASIAN AGE.
Published : Jan 14, 2018, 12:22 am IST
Updated : Jan 14, 2018, 12:22 am IST

The Left parties were the only other key Opposition bloc to be on the same side as the BJP.

Prime Minister Narendra Modi
 Prime Minister Narendra Modi

The government decided last Wednesday to permit 100 per cent foreign direct investment in single-brand retail on the automatic route, upgrading the earlier provision of permitting a much smaller percentage FDI in trade through permission in each case. This will help foreign brands such as the famous Swedish home furnishings multinational giant Ikea. The new move could be the thin end of the wedge for a broader FDI participation in multi-brand retail.

As Gujarat chief minister in 2012, Narendra Modi had been in the forefront of opposing the Manmohan Singh government’s move to give clearance to FDI in multi-brand retail.

 

The BJP’s plea was that family-run mom and pop stores, a part of its social base, will be affected. Criticising the move, Mr Modi had tauntingly asked if the government was trying to permit “Italian” capital in trade — a dig at Congress leader Sonia Gandhi’s country of origin.

The Left parties were the only other key Opposition bloc to be on the same side as the BJP.

The Modi Cabinet has dropped the 30 per cent mandatory local sourcing that the Manmohan regime had proposed for FDI in trade entrants. This could especially hit informal and small and medium sector manufacturing, which is yet to recover from the shock of demonetisation.

 

RSS affiliate Swadeshi Jagran Manch has opposed the government’s decision, especially the dropping of the mandatory local sourcing provision, though it is doubtful it can take its opposition far.

If fire walled to protect domestic manufacturing, FDI in retail would not have been unhelpful. But it has come at a time when international FDI flows have declined sharply.

Tags: narendra modi, manmohan singh government