By IANS,
Kolkata : Terming the decision of allowing overseas investments in multi-brand retail as unexpected, UPA constituent Trinamool Congress Friday said they would oppose the decision.
“The decision is unexpected. We would oppose the decision. We will discuss the matter within our party,” said party leader and union Minister of State for Health Sudip Bandopadhyay.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Manmohan Singh, decided to allow up to 51 percent foreign direct investment (FDI) in multi-brand retail.
“On principle, we have said that we don’t want this. Few days back there was a UPA coordination committee meeting, where (party chief) Mamata Banerjee was herself present. In that meeting it was decided that any big decision will be taken after consultation in the coordination committee,” said Bandopadhyay.
“But nothing of that sort was done. They should not forget that Trinamool is the second largest constituent of the UPA. Mamata Banerjee is against such decision,” he said
The decision paves the way for the global retail giants like Walmart and Carrefour to open their stores in India.
The cabinet, in November last year, had decided to allow up to 51 percent FDI in multi-brand retail. But the move was kept in abeyance following protests from opposition as well as Trinamool and some other allies of the ruling United Progressive Alliance.