Mamata opposes FDI in retail & other sectors

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Mamata Banerjee
New Delhi, Aug 23: Key UPA ally Trinamool Congress (TMC) on Thursday strongly opposed allowing FDI in key sectors like retail, insurance and aviation arguing that it would be harmful for the people of the country.

"We are not in favour of FDI in retail and all this (insurance)... and pension sectors. We are not in favour of FDI in aviation as well. Always we are in favour of common people," TMC chief Mamata Banerjee said. She was speaking to reporters after meeting Finance Minister P Chidambaram here on Thursday.

"In our election manifesto what we raised, we will stick to it ... Other countries all over the world are also saying if they allow FDI in the retail market, then workers will die... So we are not (in favour)," Banerjee said.

The government has been unsuccessful in going ahead with the key reform bills in Parliament mainly because of opposition from the TMC.

It has not been able to go ahead with the implementation of foreign direct investment (FDI) in multi-brand retail even after securing Cabinet approval. Besides, the government proposes to increase foreign investment cap in the insurance sector from 26 per cent to 49 per cent .

Further, it is also looking at passing the Pension Fund Regulatory and Development Authority Bill, 2011, which provides for private sector and foreign investment in pension sector. In the aviation sector, the government is toying with the idea of allowing foreign airlines to pick up stake in domestic carriers.


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