Mounting opposition in several countries and the major political parties in the government's decision to allow a greater presence of foreign firms retail shows key reform measure announced last week, goes to the hurdles.
Tamil Nadu chief minister J. Jayalalithaa letter Prime Minister Manmohan Singh on Sunday expressed his objection and stated that he would not let a global multi-brand stores set up shop in the country.
On Thursday, a closet allowed 100% foreign direct investment (FDI), one-brand retailing, up from 51% in the past, and put a cap of 51% of multi-brand retailing riders. Earlier, it allowed 100% FDI in wholesale segment.
Parliamentary approval is not required to decide, but the state governments can prohibit the implementation of its territory. Detractors say that the reform could shutter tens of thousands of neighborhood grocery stores, commonly known as the kirana stores across the country.
Uttar Pradesh chief minister Mayawati on Sunday said his country would be a step in the bankruptcy. "As Congress Supremo Sonia Gandhi is sick ... a party has made an internal decision to make the acting party leader Rahul Gandhi and Prime Minister in the future. Please Yuvraj (Crown Prince), foreign direct investment in retailing is allowed to benefit from our foreign friends," he was quoted as having told PTI report .
Trinamool Congress-led United Progressive Alliance, the composition of Congress (UPA) administration, which swept to power in West Bengal in May, has also publicly not to move.
The UPA is expected to face the wrath of opposition from both houses of parliament on Monday, could be showing a sharp critique, which can lead to uncertainty and foreign retailers to keep at bay.
Analysts said it would hurt investment sentiment in the world's second-largest emerging economies at a time when economic growth is slowing in the middle of the persistently high inflation.
"Political uncertainty and the opposition will hold the companies like Wal-Mart and Carrefour," said Rakesh Arora, managing director and head of research, Macquarie Capital Securities in India. "Politics can just remain on paper until the political opposition will die away. '
President Nitin Gadkari the main opposition force in parliament, Bharatiya Janata Party (BJP), said in a statement: "BJP-ruled states are not obliged to follow the government's new rules allowing multi-brand retail FDI norms simple and single-brand retail."
Narendra Modi, BJP leader and prime minister of investment-friendly state of Gujarat has remained silent on this issue, indicating guarded attitude towards the place where small businesses flourish.
In view of the public opposed the use of different political parties, foreign investment in multi-brand retailers can open stores in cities, the number of problems, with a population of over one million, while the ceiling of the cabinet to expand direct investment in retail on 24 November.
These cities in 11 States parties dominate the decision to include Bangalore, Kolkata, Chennai, Ahmedabad, Patna, Allahabad and Bhopal.
For its part, the Government launched a campaign to sell his last reform measure. Trade Ministry published a full page newspaper ads trying to clear the "myths" about 51% of foreign direct investment in multi-brand retail.
In the Rajya Sabha, where the coalition is not opposed by a majority vote on plans to turn the debate the question, according to a leader from the Left Party, which refused to be named.
Three parties in the Lok Sabha, the Communist Party of India, Communist Party of India-Marxist (CPM) and the Janata Dal-United, has decided to move to break the movement, which shows an expanded direct investment in multi-brand retail would consume a lot of parliamentary debates in the next few days.
Stressing that the Congress leader Anand Sharma, Minister of Trade and the petition could be discussed with the cabinet decision of retail FDI, the Government suspend its decision, and the spirit of the house is busy, the CPM leader and Rajya Sabha member Sitara Yechury said: "People are paying the price and the foreign and Indian capital are reaping the profits. This is a revolution by the Minister is talking about. "
Even if the government does not get a majority in Parliament to debate, it is technically not to undo, but it will deal a political blow to the ruling alliance before the elections next year, Uttar Pradesh, India's most populous country.
To be sure, is not yet visible change in the expense of foreign retailers in India's plans for reform of the political opposition. For example, the Scandinavian household products company IKEA, who stayed away from the Indian retail industry says it can only enter on their own, said it is set to announce their plans to market the government allows 100% foreign direct investment in single brand retail, PTI report said.
IKEA, President and CEO Mikael Ohlsson will visit India this week to "announce a strategic initiative for the Indian market," PTI report quoted people familiar with the development said that news did not identify.
Investors would be disappointed if there is serious opposition to reform, DK Joshi, chief economist at rating agency Crisil.
"At this stage the results of the Indian economy should be able to doze of fresh reforms to improve the investment climate and lift the sagging business confidence and foreign direct investment in multi-brand store was one of them," Joshi said. "This reform is a critical step in this situation because the world economy is in good condition, affecting India and it is one thing that is in our hands."
If the opposing political voices get stronger, it could beat the shares of local retailers, Arora said.
"Companies such as Pantalone, Phoenix Mills PROVOGUE can see some of their losses in the stock prices if the government finds it difficult to implement a new reform measure" Arora said. "More than foreign companies wishing to enter India, the Indian companies in hopes that some of the foreign direct investment is allowed to bring much-needed liquidity."
Direct investment in multi-brand retailing was searched allowing the potential to create new jobs, although it may threaten the existence of the mother-and pop shops that thrive on street corners.
Proponents of this move will also say that it is possible to control inflation, especially food retail chains to build an effective government has been able to do.
"This is a positive step, not the short term, but long-term foreign investment in retailing would be pretty useful step forward in India," Arora said. "But now the political parties opposed to it is a serious blow."
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Articles Source:- http://www.livemint.com/2011/11/27225654/States8217-dissent-raises-h.html?atype=tp
Seeing Science Everywhere
11 years ago
