CPI opposes FDI in retail business

Hyderabad, July 31 | Updated: Aug 1 2005, 05:30am hrs
Welcoming the amicable settlement between the workers and Honda Motorcycles and Scooters India in Gurgoan, CPI said it sternly opposes FDI in retail trade as it harms the lifeline of nations economy.

The Gurgoan settlement is good and its not a political game as it has nothing to do with our views on multinational corporations (MNCs). We, however, oppose FDI in certain sectors, particularly in retail trade, as it affects our economy, CPI general secretary AB Bardhan told reporters here on Sunday.

CPI, which was critical about the Indo-Japanese venture at Gurgoan during the recent labout unrest, said we can welcome FDI if it generates jobs, opens new industries and enters the greenfield sector but we cannot compromise if it comes in financial and telecom sectors and retail business.