FDI in retail will increase unemployment: Mulayam Singh Yadav

Opposing government`s decision to allow FDI in multi-brand retail, Samajwadi Party (SP)`s Mulayam Singh Yadav told Lok Sabha it would drive local retailers out of business and lead to unemployment.

Zeenews Bureau

New Delhi: Opposing the government`s decision to allow foreign investment in multi-brand retail, Samajwadi Party (SP) supremo Mulayam Singh Yadav said in the Lok Sabha that it would drive local retailers out of business and could lead to massive unemployment.

Mulayam stated that his stand was pro-nation and shouldn’t be seen as an anti-Congress step, and said, “FDI is not in favour of the country. And this is keeping in mind the interest of the nation and not a pro or anti-Congress decision.”

“We are not trying to stop the government. It is the responsibility of the opposition to stop the government from making mistakes. It is my earnest request to you to forget about FDI for now,” Mulayam added.

Explaining his stand on the issue, Mulayam said, “Initially, it could look like a good move. But in the long run small traders will not be able to compete with the big retailers. And when all local retailers are forced to shut shop, these big brands will begin functioning on their own whims and fancies. Overall it will lead to unemployment.”