“Nowhere in the world is there a four-times difference between what the farmer gets and what the retailer pays,” he said. According to the two leaders, opposition to FDI is coming from vested interests to the detriment of the majority. It points out that indigenous retail outlets — the kirana stores — suffer more because of political bandhs than because of competition. “FDI in retail has not been a sudden decision taken by the government. On the contrary, the idea has been toyed with for over 14 years. Detailed discussions with various stakeholders have been held, experts consulted and studies commissioned based on international experiences of organised retailing.”
“What is intriguing and bewildering is that the false alarm of FDI is continuing to be used after so many years, as a bogey in modern times against foreigners and foreign investment,” it said. The statement comes at a time when filibustering over the bill to allow FDI in retail has derailed the Parliament functioning. “There are 32 bills in this winter session of the Parliament for consideration and passing, many of which are of far greater consequence and importance for the country than FDI in retail. The protests on FDI in retail are misconceived and unfortunate, but hope to salvage this situation should not be lost,” the statement said.
The authors have pointed out that earlier this year many concerned with the country’s economic prospects had asked the government to stem the slowdown, increase investments and bring in new reforms. “No one objected till then. But when the government began to act, what have we, but chaos and adjournments over a decision to allow foreign direct investment in retail,” the statement said.
The group of 14 which had come together on issues relating to the economy included Wipro’s Azim Premji, ICICI’s N. Vaghul, industrialists Keshub Mahindra, Jamshyd Godrej and Anu Aga, former RBI governors M. Narasimham and Bimal Jalan (now a Rajya Sabha member), Justices B. N. Srikrishna and Sam Variava, architect of key Sebi and RBI regulations Yezdi Malegam, member of the PM’s Economic Advisory Council A. Vaidyanathan, and banker-turned-social worker Nachiket Mor.