CPI-M blasts 100 percent FDI in e-commerce retail

New Delhi, March 30: The CPI-M on Wednesday dubbed the government move to allow 100 percent FDI in e-commerce retail "an outright surrender to the big foreign e-commerce retail firms" and demanded its scrapping.

"This is clearly announced to appease foreign capital on the eve of (Prime Minister Narendra) Modi's US visit," the Communist Party of India-Marxist said in a statement.

"It is also a surrender to the pressures of the EU (European Union) keeping in mind the ongoing Free Trade Agreement talks with EU and the prime minister's visit to Brussels."

The CPI-M said the Bharatiya Janata Party (BJP) had been vocal against the FDI in retail trade when it was in the opposition.

"Now it has done a somersault. Allowing of FDI in e-commerce will facilitate the backdoor entry of FDI in retail. This will affect the livelihood of lakhs of small retailers in the country."The CPI-M demanded that "this harmful policy be immediately rescinded".

IANS