Almost a week after finance minister P Chidambaram cleared entry of dozens of foreign companies under new FDI norms, the Communist Party of India – Marxist [CPI(M)] brandished its opposition to the same addressing members of the Tamil Nadu Chamber of Commerce and Industry (TNCCI).
”Parliament should enact a model legislation to be followed suit by all the states,” CPI(M) politburo member Sitaram Yechury said.
Domestic corporate houses have now started to diverge from their earlier agreement with the party’s stand on opposing FDI in the retail trade, Yechury observed. In this context, he welcomed the initiative of Tamil Nadu chief minister M Karunanidhi to study the legal options adopted by other states to prevent the entry of corporate giants.
Resisting monopoly in the retail trade required peoples’ movement from below as well as support in Parliament at the top, Yechury said and called upon the industry not to be oblivious of the fact that its very survival would be in jeopardy in the event of growing unemployment and continuing crisis in the farm sector.