India MPs in uproar over retail reform plans
There has been uproar in India’s parliament over the cabinet’s decision to open up the retail market to global supermarket chains.
One key government ally, the Trinamool Congress, joined opposition parties in shouting slogans and unfurling banners.
The lower house had to be adjourned, and Trade Minister Anand Sharma instead held a press conference to spell out details of the policy.
He said the “India-specific” scheme would create tens of millions of jobs.
The cabinet’s move allows 51% foreign direct ownership (FDI) of multi-brand retail stores, allowing groups like Tesco and Wal-Mart to open stores. Such operators currently can only sell wholesale in India and not directly to customers.
The policy is an executive decision and does not need parliament’s approval.
Supporters of the move say it will increase competition and quality while reducing prices, which have been hit by close to double-digit inflation.
Opponents say the multi-nationals will squeeze out India’s smaller and poorer traders and drive down prices paid to India’s farmers.
If these countries get any further into India than they already are, it will spell disaster. These corporation (Tesco, Walmart & their ilk) have already raped the western world and the clever bastards know the end is nigh.
I would wager they have spent millions wooing the Indian government members with bribes and the like to allow this move.
Big spending is way down in many parts of the western world, the writing is on the wall. These corporations are not going to stand idly by and see their markets disappearing with the coming financial collapse. They need more suckers to help them fill the coffers of the 1% and where best to look? The emerging nations; and so far India is the only one that doesn’t allow retail level trading.
Creating tens of millions of jobs, but at the same time running tens of millions of little people out of business; and even millions more people in receiving less for their work. The outcome will be greater poverty while the rich laugh all the way to the bank.
Be assured about one thing; these corporations are doing this for India’s benefit.