The Telugu Desam Party has slammed the UPA government for allowing Foreign Direct Investment (FDI) in the retail sector.

Addressing a press conference here on Wednesday, TDP senior leader Kodela Sivaprasda Rao said that allowing FDI in the retail sector would pose a threat to petty vendors in the country. Lakhs of petty traders and pushcart vendors would be rendered jobless if the FDI was allowed in the retail sector.

Finding fault with the Congress-led UPA government for taking a unilateral decision on FDI in the retail sector, he said even Chief Ministers of various states were not consulted in this regard. It was against the federal spirit of the country.

The UPA government allowed the FDI under the pressure of US and international financial institutions despite the fact that the move would have an adverse effect on India's economy. The TDP would oppose tooth and nail the government move to allow FDI in the retail sector and would stand by the large section of small and tiny retailers and farmers' across the country, he said.

Prime Minister Manmohan Singh stated that he was ready to quit if FDI was opposed. It was not the first time that he was issuing such a statement. Mr. Singh made such a feat when nuclear bill was being discussed, he said, and asked, “If he was sincere and genuine, why did not resign when entire country was agog about 2G spectrum case?”

The TDP would support the Bharat bandh on December 1 to protest against the decision of the government for allowing FDI in multi-brand trade, he added.

Keywords: FDIretail sector