Govt trying to reduce trade deficit: Yechury

In his effort to bring non-Congress parties to oppose FDI policy, CPM leader Sitaram Yechury on Thursday launched a spirited attack on the Manmohan Government that it was not revealing real cause behind allowing FDI in multi-brand retail, pointing out that the move was to reduce the trade deficit.

Citing data, he said flagging production and exports are resulting in huge trade deficit.
“The government wants to compensate trade deficit by bringing foreign money’ But it will not work,” he said.

He demolished the government’s claim that FDI will benefit farmers, generate employment and create infrastructure to reduce wastage of farm products.

He quoted reports placed in the US Senate to emphasize bad-practices of Walmart.

Countering the rationale of the BSP and other parties to support the government, Yechury said it is not the issue of communalism and secularism; it is the issue of FDI and it is not in the interest of the country.

“Had it been in the interest of the country, our party would have supported it. It is against our interest, so we will oppose it,” Yechury asserted.
Opinion and decision

Parties displayed obvious gap between their stated position on FDI and their voting. The  SP and  the DMK  followed the BSP’s line by opposing it during the debate but voting with the government.

SP leader Naresh Agrwal attacked the policy and said it is detrimental to Indian economy. He said it will not benefit any section of the society. However, he evaded any commitment to oppose it during the voting; on the contrary, he hinted that the party will not participate in the voting.

Similarly the DMK’s Tiruchi Shiva termed the FDI as “Foreign Direct Invasion”, however, he declared to support the government for “its progressive measures” and party’s “secular stand”.

JDU member NK Singh also refrained from attacking the FDI in a big way. He wanted to emphasize lack of consensus on the issue and said without there would be hardly any big investment. “ I doubt, any big company will invest in multi-brand retail,” Singh said.

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