Bhartiya Janata Party (BJP) continues to oppose the opening of retail sector to foreign investors as it will affect millions of small traders and result in job losses. Speaking to CNBC-TV18’s Shereen Bhan, about BJP’s economic policies, BJP spokesperson Arun Jaitley said the party is against allowing FDI in multi-brand retail but may selectively accept FDI in defence.
The Cabinet in September 2012 had approved up to 51 percent FDI in multi-brand retail, while empowering state governments to independentaly decide if they want to let international chains set shops.
Recently, Arvind Kejriwal-run Delhi government had blocked FDI in retail leading to speculations that it will lead to a fall out with Congress. The conversation veered around BJP’s stand on other contentious subjects ranging from coal scams to gas pricing to mining mess. While Jaitley thinks mining ban is a huge challenge, he suggests scrapping of coal block allocations as the only option to get around the issue. Read more.