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Decision to allow FDI in retail taken in national interest: Jagdambika Pal

New Delhi, Sep 18 (ANI): Congress leader Jagdambika Pal on Tuesday said the decision to allow FDI in multi-brand retail and hike in price of diesel was taken keeping in mind the national interest.

Jagdambika Pal said that there was a need for economic reforms and the government had no other way except to go forward.

“The way the prices of petroleum products are rising, we are not able to provide that much subsidy. The decision was taken after much consideration or else why would a government want to take such harsh decisions,” Pal said.

Pal further highlighted that there was an urgent need to implement the economic reforms and the positive impact of it was visible as the there was surge in the country’s stock market.

Jagdambika Pal said that the decisions were taken to further economic reforms. He claimed that decisions taken in the last one week have shown the positive results.

“After so many days the value of rupee has appreciated in comparison to the dollar, the graph of sensex is rising continuously; there has been change in the economic infrastructure. So, now there will be more domestic as well as foreign investment,” said Pal.

The Union Cabinet earlier on Friday decided to operationalise 51 percent FDI in multi-brand retail, but left it to the state governments to allow setting up of such stores.

The decision in this regard was taken at a meeting headed by Prime Minister Dr. Manmohan Singh.

The government also approved 49 percent FDI in the civil aviation sector, which would provide oxygen to the ailing carriers like Kingfisher Airlines.

In November last year, the government had approved 51 percent FDI in multi-brand. This was, however, put on hold due to political opposition, including Trinamool Congress. (ANI)