Modi professed ‘harm of manufacturing, traders’: Surjewala on 100% FDI in Single Brand Retail

Randeep Surjewala -wefornews

New Delhi, Jan 10: Hitting out at Prime Minister Narendra Modi over clearance of 100% FDI in Single Brand Retail, Congress spokesperson Randeep Singh Surjewala on Wednesday said PM has professed ‘harm of manufacturing and traders. 

Taking to Twitter, Surjewala further stated ” As BJP Govt allows 100% FDI in Single Brand Retail by doing away the requirement of 30% sourcing through ‘Make in India’, PM & FM’s duplicity & doublespeak stand exposed.

PM Modi professed ‘harm of manufacturing & traders’ and the Finance Minister ‘last breath’ have proved to be Jumlas”.

Earlier in a day, Union Cabinet approved the proposal of 100 percent FDI under automatic route in single brand retail trading entity and construction.

Meanwhile, for Air India, the government cleared 49 percent of FDI.

“It has now been decided to permit 100 per cent FDI under automatic route. It has been decided to permit single brand retail trading entity to set off its incremental sourcing of goods from India for global operations during initial five years, beginning April 1 of the year of the opening of first store against the mandatory sourcing requirement of 30 per cent of purchases from India,” the finance ministry statement said.

The decisions were taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, were intended to liberalize and simplify the FDI policy to provide ease of doing business.

WeForNews 

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