Addressing a Youth Congress meet here, Dr. Singh said: "We didn't take the decision hastily. We have thought a lot and firmly believe that this decision will benefit us a lot"
"We have really considered it and believe it is for our best. It will get us modern technology, not let crops get damaged, get farmers good prices and bridge gaps," he added.
Flaying the opposition for opposing the decision, Dr. Singh said: "We want to bring laws, but the Opposition is not letting Parliament run. This betrays public trust."
"We always believe that the differences should be debated and if we are disrupting Parliament, we are doing injustice to the people who have elected us to Parliament," he added.
Earlier, an all-party meeting convened by the Centre over the FDI issue ended inconclusively with the opposition demanding a rollback.
Last Thursday, the Cabinet approved 51 percent FDI in multi- brand retail, As per this move, many global retailers like Wal-Mart, Carrefour and Tesco can open outlets in India.
The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Owners of brands like Adidas, Gucci, Hermes, LVMH and Costa Coffee can have full ownership of business in India.
Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.
It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. It usually involves participation in management, joint venture, transfer of technology and expertise. (ANI)
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