UPA govt wins vote on FDI in retail in Lok Sabha
The UPA-led government has won foreign direct investment (FDI) vote in multi-brand retail in Lok Sabha. While there were 218 votes against the FDI, there were 253 votes in the favour of the government's move.
December 05, 2012 / 19:50 IST
The UPA-led government has won foreign direct investment (FDI) vote in multi-brand retail in Lok Sabha. While there were 218 votes against the FDI, there were 253 votes in the favour of the government's move.
Sushma Swaraj appealed to all the parties to vote against the FDI in retail, saying the issue was about India, and not secularism vs communalism.The total strength of the House is 545. The House also rejected the motion seeking amendment to the rules notified by the Reserve Bank under Foreign Exchange Management Act (FEMA) to enable FDI in multi-brand retail.While 254 voted in favour of the government, 224 were against. Members of SP and BSP, with respective strength of 22 and 21, did not participate in the voting as they walked out alleging that interests of farmers and small retailers had been ignored. The victory of the government after two days of heated debate was immediately hailed by Prime Minister Manmohan Singh and UPA chairperson Sonia Gandhi."FDI policy that we have put in place has the approval of this House (Lok Sabha)," said Singh, who is a member of Rajya Sabha but was present during the voting in the Lower House. This was after a gap of many years that an executive decision of the government was put to vote in Parliament.Earlier, replying to the discussion, Commerce Minister Anand Sharma dismissed the Opposition charge that the move would hurt small traders and farmers and that the government has rushed the decision. He said the decision was not taken overnight and deliberations were held with chief ministers and other stake holders like association of farmers, consumer organisations and representatives of the food processing industry.Leader of the Opposition Sushma Swaraj, who had moved the motion, maintained that majority of the House was against FDI in retail which was reflected in speeches of leaders of different political parties.With inputs from PTI Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
