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National News Sourced Wired

China will be beneficiary of FDI in retail, claims BJP

New Delhi, Dec. 4 (ANI): Leader of Opposition in Lok Sabha, Sushma Swaraj, on Tuesday said China will gain the most if India permits Foreign Direct Investment (FDI) in multi-brand retail.

Swaraj, who challenged the government’s claim that FDI in retail will create employment, said China would see growth in manufacturing and employment.

The BJP leader pointed out that US-based retail giant Walmart needs 36,000 stores to create 40 lakh jobs

“Walmart employs maximum of 214 people per store. In this scenario, how will 40 lakh be employed in these retail stores?” asked Swaraj.

“30 percent has to be sourced locally… will that not hit local trade… can any company run on 30 percent capacity. From what they import, 90 percent will be from China. Factories will open in China and your industry will be finished In India crores will be out of work; there will be dark homes and shiny malls,” she added.

Swaraj said that MNCs will very easily give assurances on FDI, but will not stick to them.

“We women go shopping and know that small shopkeepers give us a good deal, we don’t get cheated. Big monopolies cheat. Competition is always in the interest of the consumers, monopoly is not,” she said, while putting her viewpoints before the Lok Sabha.

Swaraj said that all around the world, large supermarkets tend to keep high profits while giving low prices to farmers and low wages to workers.

Swaraj further said US President Barack Obama has plans to save small businesses.

In America, President Obama encourages a movement called ‘Small Business Saturday’. A CBS news report says 89 million consumers plan to shop small in an effort to promote independent retailers on Main Street. (ANI)