BJP protests FDI in retail; extends support to traders' bundh on Dec 1

November 30, 2011

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Mangalore, November 30: Protesting against the Union Cabinet's decision to allow 51 per cent foreign direct investment (FDI) in multi-brand retail, the Dakshina Kannada district committee of Bharatiya Janata Party on Wednesday staged a demonstration in front of the office of Deputy Commissioner here.

The protesters, who raised slogans against the Centre and grant of permission to foreign companies, expressed fear that the move may not only lead to massive unemployment, but destruct the existing business and supply chains, as well.

Leading the protest, District BJP President Padmanabha Kottari lashed out at the Congress led UPA government's unilateral decisions in crucial matters.

“Ignoring the voice of opposition, a few cabinet members going on to the extent of taking such an abrupt decision, which would affect the lives of crores of Indian citizens is an example for the irresponsible attitude of the government”, he said.

“At present around eight per cent of workers are employed in retail trade in India and at least four percent people of this country have found their future in it. About 15 crore people are maintaining their families with it in every lane and block of the country. If the foreign companies are allowed in, all these people would be rendered unemployed and ultimately ruined,” he warned.

Before taking such a controversial decision the ruling party was supposed to discuss the issue in the parliament. The government should also have had discussed the issue with the leaders of retail market sector, who are the real victims of this decision. However, the abrupt decision shows the keenness of the Congress led government in serving the vested interests, he said.

Mr Kottari went on to charge that the Government had taken this decision under pressure of foreign governments and companies. There is also the possibility of heavy corruption in the process of this decision, he said.

Companies like Wal-Mart, Tesco, King Fisher, and Carrefour have already been ruling the global retail sector. Now, they are trying to establish their dominance over new countries. Being the biggest market, India is now in their minds, he said.

He also accused Prime Minister Dr Manmohan Singh of misleading people by stating that FDI in India's retail sector would benefit farmers. “The Union government has reduced to be a mere puppet in the hands of vested interests, business tycoons and multi-national companies”, he said.

Bundh

Stating that BJP will never allow foreign companies to open multi brand retail stores, in the land of India, he said that the District BJP will support country-wide bundh called by Confederation of All India Traders on December 1 against the Centre's move.

Local BJP leaders Shreekar Prabhu, Monappa Bhandary, Nithin Kumar, Sulochana GK Bhat were among the protesters.

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News Network
May 9,2020

Bengaluru, May 9: The Karnataka government may not extend the daily working hours from 8 to 12, with Labour Minister A Shivaram Hebbar saying on Saturday that the move would neither benefit the industries nor workers.

Hebbar said that the proposal has not been discussed and it may come for final deliberations next week. He also noted that some States have already extended the working hours. More than extending working hours, there should be employment to be given. If there are no jobs what can be done by extending working hours? If it is done (working hours extended to 12 hours), it would neither benefit workers nor industries. Let's see what happens, he said.

Asked if the government was in favour of the extension, he said, "I don't think it will be ready for the (12 hour) proposal." Meanwhile, the Minister also said that their top priority now was to see that all MSMEs start operating again, salaries are paid to employees and there are no job losses for any reason. If industries don't reopen, how can workers get their employment? We should think in parallel, Hebbar said adding, the government was keeping the interests of both MSMEs and workers in mind.

He urged the Centre to offer a relief package to the MSME sector, saying it is facing very difficult times due to the adverse impact of the COVID-19-induced lockdown, and also noting its role in generating large-scale employment and feeding large industries.

The BJP-led government has done whatever within its limitations to help the MSMEs, he said. Earlier this week, the Chief Minister B S Yediyurappa announced that the monthly fixed charges of electricity bills of MSMEs would be waived for two months. MSMEs have suffered huge production losses due to the lockdown. It takes some time for them to revive, Yediyurappa had said. The Chief Minister had also said payment of fixed charges in the electricity bills of the large industries will be deferred without penalty and interest for a period of two months.

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News Network
March 14,2020

Bengaluru, Mar 14: Amid coronavirus threat, Karnataka Chief Minister BS Yediyurappa has ordered shutting down for a week of all places/activities where people gather in large number including swimming pools, shopping malls, schools, colleges, cinema halls etc, state Health Minister B Sriramulu said.

This comes after Yediyurappa chaired an emergency meeting with ministers and senior officials on Friday to discuss the situation.

Earlier, schools in the state had announced early summer vacation for their students this academic year as a precautionary measure. Other public places have been shut down in the state amid the Covid-19 scare.

The shut down in Karnataka comes after various other state governments ordered similar steps. Uttar Pradesh, Kerala, Jammu and Kashmir etc. are some of the states where governments have ordered shut down as a precautionary measure to contain the spread of the deadly coronavirus.

The central government has also taken several steps to contain the virus, including suspension of all visas to India till April 15. Till date, India has reported two deaths and 82 confirmed cases of the deadly coronavirus.

The World Health Organisation (WHO) has declared the coronavirus outbreak a pandemic. The virus, which originated in the Chinese city of Wuhan last year has spread to more than 100 countries worldwide, infecting over 1,30,000 people.

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News Network
February 2,2020

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

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