Kerala CM to Oppose FDI in State

FDI \\ The Centre managed to pass the FDI in retail quite comfortably in both houses of the Parliament in December. As seen by the UPA government, this win will give fillip to implement economic reform agenda seen as crucial to revitalising growth and slashing a swollen fiscal deficit. The policy will open paths for foreign supermarkets to come into the country. It will facilitate global retailers, such as Wal-Mart, to establish shops in the country’s $450 billion retail sector, and is targeted at attracting more overseas investment and controlling inflation. On the other hand, the BJP continued to protest the proposal. The BJP wants a 26 per cent cap set on investment, which was recommended by the standing committee on finance, against the government’s proposed 49 per cent. Alleging the Congress-led UPA government won the FDI vote in Parliament by using “CBI pressure” on some parties, Aam Aadmi Party leader Arvind Kejriwal said the decision should have been taken through a referendum. “The FDI in retail should have been decided through a referendum. The way the parties have behaved in Parliament was very unfortunate,” Kejriwal told mediapersons on the sidelines of Pan-IIT global meet.