Taking a dig at the opposition to policy decisions on Foreign Direct Investment in various sectors, Prime Minister Manmohan Singh said, “I am afraid that those who oppose these moves are either ignorant of global realities or are constrained by outdated ideologies.

“For example, when I hear the debate on foreign direct investment in retail, what I hear are arguments against large-scale organised retail, and not against foreign direct investment in retail.”

He said that policies on FDI in various sectors were liberalised to meet the challenge of rising current account deficit and providing good opportunity to highly risk aversed global investors. The Government took decision on FDI in multi-brand retail, civil aviation, power-trading exchanges and broadcasting. At the same Bills on liberalising the FDI limit in banking and insurance are currently before Parliament.

However, the Prime Minister’s remarks did not go well with Mamata Banerjee, Trinamool Congress leader and Chief Minister of West Bengal.

She said, “What can we do? We are grass root level people, we are the representative of the people. And the common man is always backdated (outdated). I am proud to say we are with the people.” Mamata’s party was very vocal against FDI in multi-brand retail.

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