Wal-Mart lobbying issue rocks Parliament for second day

[email protected] (CD Network)
December 11, 2012

parliament

New Delhi, December 11: The Wal-Mart lobbying issue rocked Parliament for the second day today, prompting government to declare that it had no hesitation in ordering a probe into reports that the retail giant had spent money to further its case in India.

 

"We have no hesitation in having an inquiry to get to the facts of the matter. We will announce further steps in the House today," Parliamentary Affairs Minister Kamal Nath said in the Lok Sabha seeking to douse the Opposition ire on the issue.

 

The government "views the reports (on Wal-Mart) with the utmost concern," Nath said.

 

His statement came close on the heels of senior BJP leader Yashwant Sinha demanding a time-bound judicial inquiry into the reports that Wal-Mart engaged lobbying firms to get entry into India and "spent money here".

 

The inquiry should be completed within 60 days and people should know who has been bribed and how much has he got, Sinha said amid cries of 'shame, shame' from the Opposition benches.

 

Noting that there have been "gross financial irregularities" in Wal-Mart leading to suspension of its Chief Financial Officer in India and seven other officers and a probe is on against them in the US, Sinha said "this has sullied the dignity of our country."

 

"These disclosures have made it clear that they have given money to people here to gain entry in India. An inquiry is going on in the US on this issue. But there is no inquiry in India. People have taken money and are sitting tight," the BJP leader said.

 

Trouble broke out when Speaker Meira Kumar asked members to associate themselves with Sinha and called Kamal Nath to respond. This led to Left and Trinamool Congress members, who had submitted adjournment notices on the issue, to storm the Well demanding that they too be allowed to speak.

 

The issue created uproar in the Rajya Sabha too which saw two adjournments with BJP members, supported by members of the Left parties and Trinamool Congress, raising the issue.

 

UPA Chairperson Sonia Gandhi was seen nudging Leader of the Lok Sabha Sushilkumar Shinde to make an announcement that Kamal Nath would be making a statement on the Wal-Mart issue.

 

Nath said, "We have learnt from press reports of the reported disclosure by Wal-Mart under US laws on amounts spent by them on lobbying in various countries, including India.

 

"The government views this with utmost concern and has no hesitation in ordering an enquiry on this in as much as it concerns payments made in India," the Minister said.

 

Making an almost identical statement in the Rajya Sabha, Nath said, "We too have learnt about the disclosures by Wal- Mart. The government views this with concern and have no hesitation in having an inquiry. We want to get to the facts of the matter.

 

"Government is not running away on this concern. We are open for a discussion. This is not a matter of concern for the Opposition, it is also a matter of concern for the government. It is for all of us. We are open for a probe."

 

He said he would come out with a detailed statement later in the day.

 

The matter was raised in the Upper House by BJP member M Venkaiah Naidu who demanded an independent probe into the issue and the matter be discussed in the House.

 

"It is a question of our nation's sovereignty. It is a shameful act. We have to have a detailed discussion," Naidu said, adding the matter was even more serious if the money was spent in the US for lobbying in India.

 

Demanding a probe, senior CPI(M) leader Sitaram Yechury said this was "a serious matter. This is something unacceptable" and announced that he would move a notice for a short-duration discussion on the issue.

 

As the din continued, Ansari adjourned the House for 30 minutes and again adjourned it till noon as similar scenes continued.

 

Earlier in the Lok Sabha, as soon as Speaker Meira Kumar took up the Question Hour, members of Left parties and Trinamool Congress trooped into the Well raising slogans.

They demanded inquiry into reports of lobbying by Wal-Mart, while BSP members sought a status report on a probe in the coal block allocation in Uttar Pradesh.

 

At another point, when the BSP members again stormed the Well, BJP members were heard remarking that they were helping the government after bailing it out on the FDI issue.

 

The uproar continued even as Kumar made repeated appeals for allowing the Question Hour to continue.

 

The Speaker then adjourned the House till noon.

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Agencies
February 13,2020

New Delhi, Feb 13: The BJP's Amit Shah today said statements like "goli maaro" and "Indo-Pak match" should not have been made by BJP leaders ahead of the Delhi elections.

The BJP may have suffered in the elections because of hate statements made by party leaders, he said, reported news agency Press Trust of India.

The party, he said, had distanced itself from such remarks.

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Agencies
January 9,2020

The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.

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News Network
June 19,2020

Kolkata, Jun 19: The nationwide clamour for boycott of Chinese goods is getting louder amid the Ladakh face-off, with traders urging the Centre to direct e-commerce firms to restrict the sale of items from the Dragonland, which imports products worth USD 74 billion to India annually.

Of the total import from China, retail traders sell goods worth around USD 17 billion, mostly comprising toys, household items, mobiles, electric and electronic goods and cosmetics among other things, which could possibly be replaced by Indian products, a national trading body said.

"We, at 'Federation of All India Vyapar Mandal', are advising our members to clear their stocks of Chinese products and refrain from placing fresh orders. We are also requesting the government to restrict e-commerce companies from selling Chinese products," V K Bansal, the association's general secretary, told PTI.

Sushil Poddar, the president of the Confederation of West Bengal Traders Association, said its members have been told to shun trading in Chinese goods as much as possible.

Another national traders' body, The Confederation of All India Traders (CAIT), has decided to step up its movement against the boycott of Chinese goods, under its campaign 'Bhartiya Samaan-Hamara Abhimaan'.

It released a list of over 450 broad categories of commodities, comprising 3,000 Chinese products.

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