The debate over 51 per cent of foreign direct investment FDI in multi-brand retail continues with corporate honchos also joining in with their pithy advices. Prominent industry leaders are upset at the turn of events. All their hopes of revving up the slowing down economy has dashed with main opposition BJP and some Congress allies, including Trinamul Congress, putting up a stiff resistance.
The protest has been so vociferous that for the time being the Congress-led UPA government has shelved off its idea of inviting foreign corporate giants to India. Unfortunately, the opposition is getting a lot of support from the common people, who have been falsely convinced that FDI means selling India to foreign countries.
The false drama has upset industry leaders, who were looking towards FDI to get things into order. Those who have spoken against such a drama included HDFC chairman Deepak Parekh, ex-Unilever chief Ashok Ganguly and others. All of them were of the firm opinion that FDI was the need of the time as it would have helped the government to give direction to the economy that of late has shown signs of slowing down.
Also, it was expected that investment by biggies like Wal-Mart would create jobs in rural India. At the end of the day farmers would have ended up benefiting from such a move.
But the opposition parties have showered cold water on their hope. Chances are high that new groups may emerge in support of the FDI.
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