NRI industrialist Lord Swraj Paul today said decisions like FDI in retail should not be taken unilaterally and the opinion of the people should be considered.
"FDI in retail is a very emotive issue whether in Europe, US or India. You have to take the people along with you. You got to carry the opinion of the country and any decision should not be taken in isolation," Lord Paul said in reply to a query on his views on FDI in retail.
"You can't make rules from Delhi and tell people what to do. In a democracy, you should see what the people want and not what you want," Lord Paul said at a meet-the-press programme at Press Club here.
The UPA-II government had allowed FDI in multi-brand retail which was opposed by its erstwhile ally Trinamool Congress and other parties like AIADMK and Samajwadi Party.
While MNCs like Walmart and others were pushing forward the view that FDI in retail would benefit both farmers and consumers, the counter view was that it would lead to displacement of a large number of small traders and prices would be controlled by MNCs and not determined by the market.
Referring to inflow of FDI into the country, Lord Paul said, "I do not think we really need investment from abroad. If Indian companies can make themselves more efficient and India can stop its wealth from going abroad, the country can manage without foreign capital".
"Foreign capital coming to the stock market, to me, is not investment. The other is FDI in manufacturing and retail. You have to make the rules transparent so that anybody can come", he said.
In a reply to a query on DFID aid to India, Lord Paul said, "I have gathered that the agency has told the UK government that it will stop giving aid to India".
"I am delighted to hear that. India is a resourceful nation but made poor due to ineffieciencies. If you can use your resources better, then India can give aid and not take it", he said.
