On Friday, just a day after announcing the steepest ever hike in diesel price, the government took another politically contentious decision.
It allowed 51 percent foreign direct investment in multi-brand retail. This paves the way for the global retail giants like Walmart to open their stores in India. India’s own merchants have opposed the move tooth and nail.
Although the Central government said bold reforms were needed to tide over the economic slowdown, the measures don’t seem to have gone down well with residents. So much so that the increase in fuel price and 51 per cent foreign direct investment in multi brand retail is being perceived as a double whammy. Strongly condemning the move, shopkeepers in Chandigarh threatened to launch an agitation. But not everyone is opposed to FDI. Consumers feel greater foreign investment would create more job opportunities and also bring down prices.
As of now, people are staring at a bleak economic scenario. Income is static while prices are skyrocketing. Will FDI provide relief or will it make things harder for an already beleaguered lot?
No related posts.
