NDA to scrap FDI in retail if it comes to power

NDA will reject the notification allowing FDI in retail trade if it comes to power in the next General Elections, Sharad Yadav said on Saturday.

New Delhi: NDA will reject the notification allowing FDI in retail trade if it comes to power in the next General Elections, convener of the alliance Sharad Yadav said on Saturday.

In a clear indication that the Opposition alliance will latch on to the matter and even make it an election issue despite the outcome in Parliament, he said though the government has gained majority on the issue with its "manipulative tactics", the final verdict on it will be delivered by 120 crore people of the country. The Opposition motion against the government`s measure was defeated decisively in Parliament. "If NDA is voted to power in the next General Elections in 2014, it will reject the current notification of allowing FDI in retail trade and a policy will be made to upgrade and modernise the domestic trade of the country after holding due and proper consultations with all stakeholders of the retail trade in India," Yadav, who is the president of JD-U, said in a press release. He alleged that the decision was taken by the present government "under pressure of global retailers and the domestic corporates" and that it will cause "major damage" to the retail trade and the Indian economy. Yadav said that if NDA was voted to power a foolproof policy will be made to ensure better and due prices to farmers for their produce, sufficient payment of his labour to workers, and livelihood without hurdles to street vendors. All stakeholders will be consulted before framing of this policy under which the domestic resources will be used to optimum level to strengthen the retail trade and to ensure that small industries may play a major catalyst role in national economy, he said. PTI