NEW DELHI: Trinamool Congress, which started the winter session by attempting a no-confidence motion against the government, is clear that it will do its best to stall FDI in retail from being implemented and vote against the policy decision.
In a blog posting, party MP Derek O'Brien said, "The Trinamool Congress and its leader Mamata Banerjee, chief minister of West Bengal, have been the original and unstinting crusaders in the matter of FDI in multi-brand retail. Other parties have periodically jumped on and off the issue. Some of them are seeking deals with the government, others are seeking publicity. Only Trinamool Congress has a consistent and principled opposition to FDI in multi-brand retail at this stage of India's development."
O'Brien said the government did not have an option but to come to Parliament on the issue, as changes in the FEMA regulations made by RBI to implement FDI in retail had to be put to vote. BJP and the Left parties have also talked about this provision which can be blocked by Parliament to turn the policy redundant.
"Change in FDI regulations can be made only by the RBI, in turn, changing regulations in the Foreign Exchange Management Act (FEMA) of 1999. From time to time, the RBI issues notifications making such changes or amending the regulations. Section 48 of FEMA mandates that all such changes be laid on the floor of the House; such changes are called subordinate legislations as per the Constitution of India," O'Brien said.
Trinamool unstinting against FDI: Party MP
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Trinamool unstinting against FDI: Party MP
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Trinamool unstinting against FDI: Party MP
