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Corp honchos call protests on FDI in retail false drama

Last Updated: Sunday, December 4, 2011 - 17:00

New Delhi: Anguished over "perennial disarray" in Parliament over FDI in retail, India Inc's prominent leaders on Sunday asked common people to stand up against "false drama" on the issue.
     
In a strongly-worded joint statement, HDFC Chairman Deepak Parekh and Rajya Sabha MP and former Unilever chief Ashok Ganguly said, "a slowing economy seems to pale in comparison to the larger crisis at hand- that of a Parliament that is completely unable to function in the way these sacred institutions were set up to be.
     
"A democracy encourages openness and permits and dissent, but perennial disarray and disruption is sacrilegious," they said.
     
Angry over putting on hold 51 per cent foreign direct investment (FDI) in multi-brand retail, the honchos said, "Opposing investment in modern retail for the sake of it is only defending vested interests to the detriment of the vast majority.
     
"The farmers, consumers and the common people must raise their voice against this false drama of apprehension against investment and modernising trade in organised retailing."  

Parekh and Ganguly gave a call to "the saner sections" of Corporate India to "come out and strongly support progressive measures and reforms with the same spirit and gusto with which we take the liberties to criticise policies or issues we do not appreciate".
      
West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee announced yesterday that the Centre has put the decision to open FDI in retail on hold till a political consensus is reached on the issue.
    
Parliament has remained paralysed since November 22 as the entire Opposition, supported by UPA allies -DMK and Trinamool Congress protested the FDI decision.

PTI

First Published: Sunday, December 4, 2011 - 15:55
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