Lok Sabha clears FDI in retail

December 7, 2012

Lok Sabha gave the approval to FDI in multi-brand as the opposition motion seeking immediate back down of the decision was rejected convincingly as BSP and SP walked out.

The House also rejected the motion seeking amendment to the rules notified by the Reserve Bank under Foreign Exchange Management Act (Fema) to enable FDI in multi-brand retail.

Members of SP and BSP, strength 22 and 21 respectively, did not participate in the voting as they walked out alleging that interests of farmers and small retailers had been ignored.

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