Till the other day, the Indian National Trade Union Congress (INTUC) had made no secret of its opposition to foreign direct investment in multi-brand retail. But the trade-union wing of the ruling Congress party at the Centre has now had a change of heart.
INTUC president G Sanjeeva Reddy, who is a Rajya Sabha MP from Andhra Pradesh, said FDI in retail "is nothing new" for Southeast Asia.
"Even China has developed such a lot after bringing in FDI. (American retailer giant) Walmart's network in China is biggest in the world," he noted.
As for on Tuesday's working committee meeting, the INTUC has decided not to position principally opposed to the union cabinet's recent decision to permit FDI in retail - "as long as the government comes forward and gives assurance that it will protect the interests of small scale traders and hawkers", said Reddy. Significantly, he is a member of the Congress Working Committee, the party's highest decision-making body.
Only a fortnight ago had Reddy told this newspaper
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