FDI in multi-brand retail trade will boost economic growth: PMIndia News and Travel Times Provides India-centric and other News and Features

Amid political protests over the decision to approve Foreign Direct Investment (FDI) in multi-brand retail trade, Prime Minister Manmohan Singh said the decision has been taken to bolster economic growth and make India a more attractive destination for foreign investment. Dr. Singh urged the people of the country to support the government's move, saying the decisions have been taken in the national interest. "The Cabinet has taken many decisions today to bolster economic growth and make India a more attractive destination for foreign investment. I believe that these steps will help strengthen our growth process and generate employment in these difficult times. I urge all segments of public opinion to support the steps we have taken in national interest," said Dr. Singh in his twitter account. Meanwhile, West Bengal Chief Minister and Trinamool Congress (TMC) chief Mamata Banerjee has put a 72-hour deadline for the UPA Government to withdraw its decision to allow FDI in multi-brand retail and aviation, the hike in diesel prices and the restrictions on subsidised cooking gas or face the 'consequences'. The Trinamool Congress (TMC) has called for a meeting of its leaders on September 18 to decide on the future course of action. The Union Cabinet earlier today decided to operationalise 51 percent FDI in multi-brand retail, but left it to the state governments to allow setting up of such stores. The government had in November last year approved 51 percent FDI in multi-brand. This was, however, put on hold due to political opposition, including from UPA constituent Trinamool Congress. West Bengal Chief Minister Mamata Banerjee, who has 16 Lok Sabha MPs and is the second-largest member of the ruling UPA coalition, has so far opposed the FDI in key sectors like retail, insurance and aviation. She had earlier claimed that FDI in these sectors would be harmful for the people of the country.

FDI decision taken to bolster economic growth: PM