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100% FDI in retail will only lead to economic slavery, says resolution

New Delhi: The Delhi Assembly on Wednesday passed a resolution against FDI in retail with the AAP legislators launching an attack on the BJP-led central government for its move. The resolution, moved by AAP MLA Somnath Bharti, stated that 100 per cent Foreign Direct Investment (FDI) in retail will only lead to 'economic slavery'. "Resolves to oppose the decision of the union cabinet to allow 100% FDI in retail as it leads to breaking the back of small and medium traders and ultimately to economic slavery of the country," the resolution read.
Speaking of the debate, Leader of Opposition Vijender Gupta said that it is a major driver of economic growth and a source of non-debt finance for the economic development of the country. Government has put in place an investor friendly policy on FDI, under which FDI up to 100%, is permitted on the automatic route in most sectors/activities. In the recent past, the Government has brought FDI policy reforms in a number of sectors viz. Defence, Construction Development, Insurance, Pension, Other Financial Services, Asset reconstruction Companies, Broadcasting, Civil Aviation, Pharmaceuticals, Trading.
Participating in the discussion on the issue, Delhi Urban Development Minister Satyendar Jain said that BJP was claiming that FDI in retail doesn't have noting to do with small traders, which is incorrect. "FDI (in retail) will destroy the business of traders. The country will move towards economic slavery," Jain said. Labour Minister Gopal Rai said that this is an anti-trader decision which will only lead to unemployment.
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