The former Prime Minister and Janata Dal (Secular) president, H.D. Deve Gowda, has urged Prime Minister Manmohan Singh to drop the proposal to allow Foreign Direct Investment (FDI) in multi-brand retail, in the interest of the nation and its economy.
Reacting to media reports that the Centre was again considering to permit FDI in retail, Mr. Gowda, in a letter to Dr. Singh, has said: “Till the overall condition of our farmers is improved and better basic infrastructure provided by us, it will not be in the national interest to usher in FDI in retail for the next few years.”
“The decision, if implemented, would have much risk and potential to cause medium and long-term damage to the economy and society, particularly the farmers. The experience of many developing countries indicated serious job loss in the small scale sector with the advent of marking multi-national companies. New job-creation might be one of the critical areas for India in the future. We have to be cautious before we take major risks in this regard.”