The Welfare Party of India strongly criticised the Union Cabinet approval of relaxing the cap on FDI in retail sector. The bill passed by the Cabinet entitles foreign direct investment to 51 percent in multi-brand retail and 100 percent in single-brand. Dr. S.Q.R. Ilyas, General Secretary of the party wondered why, in spite of strong resistance from the public and retail traders, the government took such a harsh and hasty decision. He further expressed his dismay and regret that the UPA government headed by a noted economist failed to evaluate the economic crisis in Europe and the West created by the uncontrolled market-economy policy that they follow. He said the future and fortune of nearly 40 million people engaged in this trade cannot be thrown to the mercy of the cruel corporate. It is equally worrying and disturbing that the government is further seriously thinking of easing the cap of FDI in pharmaceutical sector.
In a letter to all major political parties, the WPI appealed to them in the interest of the nation and the public to ensure that the controversial FDI Bill does not get passed in parliament.