CPI(M) Polit Bureau has issued the following statement on May 10
THE $ 16 billion acquisition by international e-commerce retail giant Walmart of Indian e-retail Flipkart facilitates the backdoor entry of foreign capital to take over India’s huge multi-crore retail trade sector.
The proposal to allow FDI in India’s multi-brand retail sector was stoutly opposed by the Left parties. When in opposition, the BJP also opposed this move. Now in government, the BJP is facilitating the entry of foreign capital through the e-commerce route. This would completely destroy India’s retail trade that employs more than four crore people directly.
Nearly one-fifth of our population is dependent on their earnings.
It is common knowledge that Walmart sources its products from international markets. These will now be sold in India, further destroying the small scale and medium scale sector which is the largest provider of employment after the agricultural sector.
This takeover once again exposes the naked betrayal of all promises made by the Modi government: Make in India has now become Make for India.
The Polit Bureau of the CPI(M) strongly condemns the sanction provided by the Modi government to allow such an acquisition to take place which is against the interests of our country and its people. The PB demands that this should not be allowed.