Union Cabinet Clears FDI In Retail
The Union Cabinet on Thursday Nov 24,2011 cleared 50 per cent FDI in Multi-Brand Retail and 100 per cent FDI in Single Brand Retai.
Opposition to FDI In Retail
BJP;TMC;Left Parties and some Cabinet ministers Veerappa Moily and Mukul Wasnik have opposed it.
BJP is completely opposed to FDI in retail sector.
TMC oppose the government's decision to allow FDI in multi-brand retail
CPI says that FDI will lead to the displacement of crores of small retailers in the market and will also increase the price rise in retail goods.
CPI(M) has called the FDI 'dangerous' for the country and said that they will oppose it both inside and outside Parliament.
Trader's Call for Bandh
Traders' association CAIT has called for a nation-wide bandh on December 1 to protest the government's decision to allow 51 per cent foreign direct investment in multi-brand retail.
Top Brands that may come to India
Wal-Mart Stores, Inc branded as Walmart since 2008 and Wal-Mart before then, is an American Public Multinational Corporation that runs chains of large discount department stores and warehouse stores and is the world's 18th largest public corporation, according to the Forbes Global 2000 list, and the largest public corporation when ranked by revenue and also the biggest private employer in the world with over 2 million employees, and is the largest retailer in the world.The company was founded by Sam Walton in 1962(incorporated on October 31, 1969, and publicly traded on the NYSE in 1972)with its headquarters in Bentonvilled,Arkansas. Walmart is also the largest Grocery Retailer in the USA.Walmart has 8,500 stores in 15 countries, under 55 different names - in Mexico as Walmex, in the United Kingdom as Asda, in Japan as Seiyu , and in India as Best Price.
Tesco plc is a global grocery and general merchandise retailer headquartered in Cheshunt,UK and is the 3rd largest retailer in the world in terms of revenues (after Walmart and Carrefour) and the 2nd largest in terms of profits (after Walmart.It has stores in 14 countries across Asia, Europe and North America and is the grocery market leader in the UK.
Jack Cohen founded Tesco in 1919 when he began to sell surplus groceries from a stall at Well Street Market, Hackney, in the East End of London.The name came about after Jack Cohen bought a shipment of tea from T. E. Stockwell. He made new labels using the first three letters of the supplier's name (TES), and the first two letters of his surname (CO), forming the word TESCO. The 1st Tesco store was opened in 1929 in Burnt Oak,Edgware,Middlesex ;the 1st self-service store opened in St Alban in 1956 and the first supermarket in Maldon,Essex,England in 1956.
Carrefour means "crossroads" in French.
Carrefour S.A.is an international Hupermarket Chain headquartered in Levallois-Perret,Franceand is the 2nd largest retail group in the world in terms of revenue and 3rd largest in terms of profit. Carrefour operates mainly in Europe, Argentina, Brazil, China, Taiwan, Colombia, Dominican Republic, and in Saudi Arabia, but also has shops in North Africa and other parts of Asia, with most stores being of smaller size than hypermarket or even supermarket.
The 1st Carrefour store opened on January 1st, 1958, in suburban Annecy near a crossroads (carrefour in French)and the 1st hypermarket June 15, 1963 in Sainte-Genevieve-des-Bois, near Paris in France.
The government, in a major publicity blitzkrieg, placed colourful, full-page, glitzy advertisements in all major newspapers this morning Nov 27,2011 to highlight the benefits of its decision.(on FDI in Retail)
Joining the growing chorus of opposition against the government's move to allow 51 per cent FDI In Retail, TN CM J Jayalalithaa today Nov 27,2011 said that she wouldn't allow multi-brand global players to set up hyper markets in TN.Slamming the Centre for the "ill-advised" move, Ms Jayalalithaa, in a statement, said
"MNCs will monopolise market, exploit farmers and consumers...Forty million people will be uprooted and thrown out of business.
"Centre's move has shocked millions of small vendors...Vendors' fear that this will throttle small retailers is not unfounded"
FDI in Retail Suspended - December 07,2011
At a meeting of all political parties that lasted less than half an hour, Finance Minister Pranab Mukherjee read out a short statement -"The decision to permit 51% FDI in retail trade is suspended till a consensus is developed through consultations among various stakeholders.""Stakeholders include political parties and states."Mr Mukherjee then formally shared the same resolution in the Lok Sabha at 11 am.
Responses to the Statement of Pranab Mukherjee
Leader of Opposition in Lok Sabha, Sushma Swaraj said, "Decision to suspend FDI in retail is a victory of democartic process.
Reacting to the development, CPI leader D Raja said that the move was a virtual rollback.
CPM leader Sitaram Yechury said that they always wanted the government to review its decision.
UPA ally Trinamool Congress also expressed happiness over the decision.
FDI decision was not wrong, but did not want mid-term elections: FM Pranab Mukherjee
At a meeting of all Congress MPs this morning Dec 08,2011, FM Pranab Mukherjee told the MPs that the decision to allow 51% foreign ownership of multi-brand stores was not incorrect, but that the government has put it on hold to avoid mid-term elections.
Rahul Gandhi Supports FDI in Retail
No comments:
Post a Comment