The Bharatiya Janata Party will launch a nationwide protest against the UPA government's move to allow foreign direct investment (FDI) in the multi-brand retail, a senior Party leader and Chairman of the Committee of public accounts, Murli: Manohar Joshi said on Sunday.
'' If FDI in retail sector is allowed, small merchants will lose their jobs, like their product or service will not be able to compete with foreign traders. BJP would oppose actions inside and outside Parliament, '' said Joshi's press meet.
'' It will affect the national economy. Finance Minister himself said the country was able to avoid the impact of the global crisis because it is no wider connection with the global economy. Now he is contradicting stands on its own by allowing FDI in retail sector, "he said.
The Central Government led by Congress can raise FDI in single-brand retail for 100 percent from 51 percent at the moment, and also plan permitting 51 percent FDI in retail multi-channel brand, with conditions that include the purchase of at least one third of the goods from local businesses. High level Committee chaired by the Secretary of the Cabinet Secretary Ajit Kumar Seth recommended it in June.
The Finance Ministry has given approval for it, but the decision has been delayed because of some political parties have voiced concern that it would affect the small retailers.