BJP protests against union’s decision to permit FDI

BJP protests against union’s decision to permit FDI

Mangalore Today News Network

Mangalore, Nov 30, 2011: The district unit of the BJP organized a protest in front of the DC’s office today condemning the union cabinet’s decision to permit 51 percent foreign direct investment in multi-brand retail. 

In his protest address, Padmanabha Kottary, the president of the district BJP, said that the BJP will never permit foreign companies to launch multi-brand retail stores in India, adding that there is a danger of foreign companies indirectly ruling India if they are allowed to launch their business in the country.

 

 

Stating that 98 percent of the retail trade in the country belongs to the unorganized sector, he said that 15 crore people are earning their livelihood through retail trade in every nook and corner of the country. He said that crores of people will be unemployed if foreign companies are allowed inside the country.

Further, he said that 14 percent of the country’s GDP is contributed by multi-brand retail, an area that has created jobs for 4 crore people and generated business worth Rs. 11,00,000 crore. 

Speaking on the occasion, Shrikar Prabhu, the president of BJP (city unit), said that foreign direct investment has a number of dangers and will definitely lead to unemployment problems while destroying existing businesses and supply chains. FDI in retail will ruin farmers because foreign companies will lease their land and force their to grow crops as per their choice, he warned. 

Umanath Kotian, the vice president of BJP (district unit), and Sulochana G. K. Bhat, the vice president (state unit), and many other BJP leaders also participated in the protest.