New Delhi: The Trinamool Congress Tuesday opposed FDI in multi-brand retail saying it would fight against the policy tooth and nail.
"It is a matter of faith for us. We will fight it tooth and nail," Trinamool leader Saugata Roy said during a debate in the Lok Sabha.
He said the party had quit the ruling UPA in September to oppose FDI in retail and said he had also moved a motion against the FEMA rules modification, brought by the government along with the FDI in retail.
"FDI in retail would affect livelihood of 3.3 crore people," he said.
Roy said the government had gone ahead with the policy despite an assurance by former finance minister Pranab Mukherjee that it would first evolve a consensus on the issue with all the stake-holders.
He said global retail giant Walmart sources 82 percent goods from China. "Bringing Walmart will only benefit China and the US," he said.
According to Roy, the parliamentary standing committee on commerce had said that global retail chains can sustain losses for longer periods to dry out small traders and then they charge high prices.