Readers' opinions (422)
Dr.C.Murukadas (Chennai) 14 Dec, 2012 01:13 AM
Walmart has been relentlessly lobbying to pressurise the Indian Government . Reports show that it has spent huge amount (as per the lobbying disclosure reports filed by Walmart with the US Senate) since 2008 for allowing FDI in mutli-brand retail trade India. The issue raised by Ravishankar Prasad, BJP national spokesperson, in the Rajya Sabha during the zero hour on Monday, 10th December, 2012 has drawn the attention of various political parties and consternation among the people of the country. And BJP, CPM, CPI, SP, JD (U), Trinamool Congress, AGP and AIADMK used the issue to question the government over its decision to allow 51% FDI in retail. The opposition parties alleged that Walmart had indulged in corruption to enter Indian market. So they have pressed for a probe into this "illegality" and the wanted Prime Minister Manmohan Singh to make a statement on this issue. So, Walmart was pretty sure that it will be possible to pressurise the Indian government to allow FDI in multi-brand retail trade. The Public Interest Litigation filed in the Madras High Court by T. Vellaiyan, President, Federation of Tamil Nadu Traders' Association, has brought to light that Walmart has fraudulently entered into multi-brand retail trading even before the government notified FDI in mutli-brand retail trade. That is, in March and April 2012 year, Wal Mart Stores Inc, USA through its subsidiary, in collusion with two Indian firms, illegally invested Rs 455.80 crore in multi -brand retail in India by masquerading it as for “Services Sector.” Moreover, in his complaint submitted to the Prime Minister's Office the CPI Rajya Sabha member M.P. Achuthan alleged that Walmart had invested about R456-crore in a company called Cedar Support Services through compulsorily convertible debentures (CCDs) in March 2010. Moreover, it is feared that once they get a foothold in any part of the country, Walmart and other multinational retail giants will somehow be able to penetrate throughout the country and bring peril to the livelihood of the small traders. They have the wherewithal and knacks to fine tune the greedy politicians and bureaucrats. Once they are allowed to enter the country, they will not respect the Indian rules and regulations. Experiences show that the multinational corporations like Walmart generally rarely respect the rules and regulations of the host countries, particularly the developing countries. It is reported that Walmart has been making preparations in various cities of the county to stage a grand entry into retail trade once India gives permission. The announcement that a retired judge would hold the inquiry into reports on lobbying by international supermarket chain Walmart to open the way for foreign equity in retail trade in India is not the end. It will be of no use. The inquiry should be conducted by a Special Investigation Team under the supervision of Supreme Court or by a serving Supreme Court judge.
Dr.C.Murukadas, The Times of India, Dec.14, 2012.
No comments:
Post a Comment