In allowing FDI in retail trade, India is sold in the hands of US & Europeans

''In allowing FDI in retail trade, India is sold in the hands of US & Europeans, paving the way for economic colonialism. Empirical studies have shown that consumer prices in supermarkets in Latin America, Africa and Asia have remained higher than the open market by 20 to 30 per cent after the entry of Walmart and other multinational retail giants. The Indian retail market is estimated to be around $400 billion with more than 12 million retailers employing 40 million people. Ironically, Walmart’s turnover is also around $420 billion, but it employs only 2.1 million people all over the world. Recently New York Times exposed showed how Walmart had captured nearly 50 per cent of Mexico’s retail market in 10 years. As per the NYT disclosure “the Mexican subsidiary of Walmart, which opened 431 stores in 2011, had paid bribes & an internal inquiry into the matter has been suppressed at corporate headquarters in Arkansas.” As per a disclosure statement made in the U.S Walmart alone has spent US$ 260 million in two years to lobby for FDI in retail trade in India. Therefore, all right thinking Indians should fight for the scrapping of the decision to allow 51% FDI in retail trade. India is only country in the world which thinks that the foreigner is better for us than a local. For a country that has experienced colonial rule, this is bizarre. No doubt, FDI in retail trade will eventually lead to economic colonialism. Therefore, we have to fight to emancipate our country form falling into colonial control under the multinational corporations of America and the Western countries. Indeed our fight against FDI in retail is akin to second freedom struggle. All of us should be prepared to sacrifice to attain the goal of scrapping the notification on FDI. Now coming to realities, actually, Dr.Manmohan Singh and the so called votaries of FDI in mutli-brand retail trade know very well that “FDI in retail trade will not serve any purpose. It will do more harm than benefit the people.” In fact, in 2002, as leader of the opposition in Rajya Sabha, Dr.Singh fought tooth and nail against the introduction of FDI in retail. His colleague Mr. Priya Ranjan Munshi castigating the BJP, which was in power then and who tried to bring FDI in retail, said “it is anti-national to bring FDI in retail.” Now, Dr. Singh says that FDI in retail is pro- national and is to be welcomed, irrespective of merits or demerits. What is cause for the somersault by Dr.Singh and the Congress party? Is it not true that they have fallen prey to the powerful lobbying by Walmart and other multinational retail giants and the pressure exerted by their home governments? Does it not mean that erroneous factors and extraneous considerations have played foremost roles?
The Times of India, Dec.10,2012