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Mamata Against FDI in Retail, Other Sectors

  • By PTI

  • Aug 23, 2012
  • NEW DELHI, India

    UPA key ally Trinamool Congress on Thursday strongly opposed allowing Foreign Direct Investment (FDI) in key sectors like retail, insurance and aviation arguing that it would be harmful for the people of the country.

    “We are not in favor of FDI in retail and all this (insurance)... and pension sectors. We are not in favor of FDI in aviation also. Always we are in favor of common people,” Trinamool Congress chief Mamata Banerjee said. She was speaking to reporters after meeting Finance Minister P Chidambaram here.

    “In our election manifesto what we raised, we will stick to it ... Other countries all over world are also saying if they allow FDI in retail market, then workers will die... So we are not (in favor),” Banerjee said.

    The government has been unsuccessful in going ahead with the key reform bills in Parliament mainly because of opposition from its key ally TMC. It has not been able to go ahead with the implementation of FDI in multi-brand retail even after securing Cabinet approval.

    Besides, government proposes to increase foreign investment cap in insurance sector to 49 per cent, from 26 per cent.

    Further, it is also looking at passing the Pension Fund Regulatory and Development Authority Bill, 2011, which provides for private sector and foreign investment in pension sector. In the aviation sector, the government is toying with the idea of allowing foreign airlines to pick up stake in domestic carriers.

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