Manmohan Singh firm on FDI decision
After the debatable decision of allowing over 50% of FDI in retail, the Prime Minister Manmohan Singh on Friday had received strong criticism from the political parties. Earlier he was the target of the same parties for not making any changes to the FDI policies.
According to several reliable sources Manmohan Singh had pushed the decision of the cabinet committee on the economic affairs CCEA, after he mentioned that UPA government should bite the bullet if it needs to.
"We have to bite the bullet. If we have to go down, let us go down fighting," the prime minister said at the meeting.
Manmohan Singh was stubborn on his position just as he was in 2008 where he had put the UPA -I at great risk while signing the civil nuclear deal with US.
After this decision he had lost the support of the Left parties and this forced a trust vote in the Lower House. The government however had won the trust vote later.
After several months of what could be quoted as a paralysis of the policy, on Friday the FDI in retail was finally allowed. According to the new FDI norms, Foreign Direct investments in the multibrand retails can be as high as 51% and 100 percent in single brand retail. FDI in the aviation sector was also announced which had brought the PM under the rage of the opposition and allies of the government.
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