UPA to prove majority on FDI, says Jyotiraditya
Posted on: 10:29 PM IST Nov 29, 2012
Indore: Minister of State for Power Jyotiraditya Scindia said in Indore on Thursday that the United Progressive Alliance (UPA) government would prove its majority in Parliament on the issue of foreign direct investment (FDI) in retail markets.
"The UPA has a majority on the issue of FDI in retail and this will be proved in Parliament," he told reporters at the Indore Press Club. Scindia further said that the Bharatiya Janata Party (BJP) had tried to raise a furore on the issue of FDI.
As per the terms of the FDI, foreign companies would have to invest half of their funds in logistics, refrigeration and storage on which the government would keep a strict vigil, he said.
The Minister of State further said that FDI in retail would be applicable only for cities with more than a 10-lakh population. Those who oppose multi-brand FDI in retail are opposed to those living in the rural areas, he claimed.