We will do what is good for the country: PM

Prime Minister Manmohan Singh'€™s statement that "We will do what is good for the country...” is the biggest joke of the millennium. In fact, the Indian government has been making repeated efforts to bring about a consensus among the opposition parties and Chief Ministers of various states to give in to the decision to allow 51 percent FDI in multi-brand retail trade. But the efforts of the government received lukewarm support from state governments and political parties. Meanwhile, reports revealed that multinational retail giants such as Wall-Mart were vigorously lobbying to force the Indian government to allow them to open multi-brand retail outlets. They have been trying to reach the Indian retail market not due to concern for the welfare of the people, but because of sheer greed i.e. the desire to expand their empire and to earn extra profits. In fact, it is the brazen self-interest that drives western mega retail corporations to look for gullible markets in developing countries. Reports also suggest that the multinational retail giants were putting pressure on their home governments (i.e. the United States of America and the European Union) to force the Indian Government to permit FDI in its multi-brand retail trade. Echoing their demand, the US President Barack Obama in an interview to Press Trust of India on 15th July 2012, stooped to the extent of stating: “In too many sectors, such as retail, India limits or prohibits the foreign investment that is necessary to create jobs in both our countries, and which is necessary for India to continue to grow. Obama'€™s above statement does not seem to be a passing reference made unwittingly. Certainly, it is the outcome of powerful lobbying by the multinational retail giants to open up the Indian retail market. Obviously, Obama'€™s statement aroused strong opposition from a wide spectrum of political parties, traders associations and others. Despite stiff opposition from various quarters, on 10.01.2012, the Government of India notified 100 percent foreign direct investment (FDI) in single brand retail allowing the setting up of wholly owned shops by global retail chains. And finally succumbing to the lobbying by multinational retail giants and pressure from the American and European governments, on 14.09.2012, the Union Cabinet took the ill-advised decision to allow 51 percent FDI in multi-brand retail trade, much against the sentiments and wishes of almost the entire spectrum of political parties, the entire trading community, and, of course, the vast majority of the people of the country. Mrs. Mamata Banerjee, West Bengal Chief Minister, has alleged that the FDI decision was unveiled only to divert attention from the "coalgate" scandal involving the government.5 Mocking at Prime Minister Dr. Manmohan Singh for the decision to allow FDI in retail trade, Mr. Prakash Karat, CPM, said, "True to his character, the commitment made to the US stands above the interests of people of this country."