This FDI in multi-brand retail full of holes: BJP

After demanding rollback of the FDI in multi-brand retail announcement, the BJP today said the measure may not see the light of day as it is "full of holes" and multinationals may not find the offer attractive enough to invest in India.

Former Finance Minister and BJP leader Yashwant Sinha lashed out at Prime Minister Manmohan Singh for his statement yesterday in which he had justified the notification of FDI in multi-brand retail and the hike in diesel prices.

"When the NDA was in power, Priyaranjan Dasmunshi (Congress) had raised the FDI in multi-brand issue in Parliament and said it will be an anti-national step. Arun Shourie had then assured the house that no such step is being taken... What was anti-national in 2002 has become patriotic today," he said.

Finding faults with the FDI in multi-brand policy, Sinha said, "The implementation of this earth-shaking reform is to be decided by the states... We are going to have elections in Rajasthan and Delhi. An efficient company like Walmart has said it will take 18 months to come to India. What if the government changes?"

He maintained that though there may be certain "best practices" of the multinationals in processing, cold chains, transportation and the like which can be emulated, there is no technology that is available only with them and not with India. "So for this FDI is not required," Sinha said.

"This FDI in multi-brand retail is so full of holes, so full of problems that I cannot say any company will come to India," Sinha said.