Indore: Stating that foreign direct investment (FDI) in retail is allowed only in cities with population of more than 10 lakh and not at villages, Union Minister of State for Industry and Commerce Jyotiraditya Scindia on Friday said the Bharatiya Janata Party (BJP) is creating a "negative mayajal" on FDI with Bharat Bandh.
FDI in retail, as notified by the Centre, would only enter the cities with population of more than 10 lakh, Scindia said, speaking at the Indore Press Club.
In 2004, the BJP had created "positive mayajal" (illusion) by harping on 'Feel good factor' and India Shining, and now it is creating a "negative mayajal" on FDI with Bharat Bandh, etc, he said.
He said the saffron party, in its 1999 manifesto, had vowed to bring "100 per cent" FDI in multi-brand retail.
On Trinamool Congress's withdrawal of support to the UPA government, Scindia said: "Every ally is important to us...We agree to disagree. Our attitude to Trinamool Congress would not change."
Only those foreign companies who are willing to invest minimum of Rs 500 crore, half of it in the back-end activities such as logistics, refrigeration, etc., would be allowed in the retail space, Scindia said.
About 80 per cent of the country would not be touched by foreign retail giants because of the population criterion, he said. At the same time, the FDI in retail would give a boost to job growth, he said.
With high production of foodgrains, fruits and vegetables and milk, India could be a "food basket" of the world, Scindia said. Currently, forty per cent of foodgrains, fruits, vegetables go to waste, he added.
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