The Naveen Patnaik led Biju Janata Dal (BJD) will clarify its stand in the Parliament on the contentious issue of allowing foreign direct investment (FDI) in multi brand retail, insurance and pension sectors.
“Whatever is our party’s stand in the FDI matter, we will let it know in the Parliament,” Chief Minister Naveen Patnaik told the media here.
After the Congress led UPA government opened the retail sector to global supermarket chains, the Odisha government had said it will examine the decision of the Centre.
Speaking at an event organised by a media house here on Friday, he said, BJD would study the Centre’s move to allow and raise the cap on FDI in pension and insurance sectors in detail before committing its stand on the issue in the Parliament.
Earlier, the Union cabinet’s decision to allow FDI in multi-brand retail had elicited opposition from the Odisha government with Patnaik terming the move ‘ill-advised and regressive’.
Blaming the central government for not taking immediate steps to contain the stubborn double digit inflation, Patnaik had then flayed the UPA-led government for approving 51 per cent FDI in a sector which offers employment to a major section of the country’s workforce.
“I am deeply distressed to hear about Union Cabinet’s approval for allowing 51 per cent FDI in the retail sector. You will no doubt agree with me that the biggest challenge facing the country today in the persistent double digit inflation which is adversely impacting the life of common man. Instead of taking immediate steps to tackle this problem, the Central government has now allowed FDI in a sector which provides employment to a major section of the workforce of the country,” Patnaik had written to Prime Minister Manmohan Singh in November last year.
Patnaik had held that the move would only favour the large MNCs (multi-national companies) which will have monopoly over retail trade in this country.
He had also suggested the Government of India should have strengthened the marketing opportunities for farmers and small scale manufacturers of the country through appropriate supply side interventions like stepping up investment in rural infrastructure and research and development (R&D) for augmenting farm productivity.
