As the Rajya Sabha debated on Foreign Direct Investment (FDI) in multi-brand retail on Thursday, West Bengal Chief Minister Mamata Banerjee's Trinamool Congress (TMC) said India is not ready for it.
"This country is not yet ready for FDI in multi-brand retail. We need not FDI but HDI (Human Development Index)," TMC leader MP Derek O´Brien said during the debate in the Upper House of the Parliament.
"When the government brushes aside HDI for FDI, it breaches a fundamental contract with the people," he said.
Criticising the Congress-led United Progressive Alliance (UPA) government, Derek said: "Before FDI there needs to be infrastructure. The UPA is like a property developer who is decorating a drawing room, without constructing the building."
He said the party is against a policy that ´looks at India only as a market´.
The relationship between TMC and the UPA touched its lowest point when it withdrew support to the latter over its recent economic reforms, including FDI in multi-brand retail, hike in diesel price and cap on subsidy in LPG cylinders.