Cong meets over FDI in retail: Is a rollback on the cards?

Under attack from the opposition and allies over FDI in retail, the Union cabinet has called an emergency meeting at 7 Race Course Road, Prime Minister Manmohan Singh’s residence. The meeting, chaired by the prime minister, is being attended by the Congress president Sonia Gandhi, Finance Minister Pranab Mukherjee, Commerce Minister Anand Sharma and senior Congress leader Ahmed Patel. The meeting follows an ultimatum from the BJP-led opposition asking the Congress-led UPA to roll back its contentious decision to allow 51 percent FDI in multi-brand retail. Sushma Swaraj, leader of opposition in the Lok Sabha, had demanded this afternoon that the decision be revoked by this evening so as to allow Parliament function normally. [caption id=“attachment_142542” align=“alignleft” width=“380” caption=“An emergency meeting is underway at 7 Race Course Road. Reuters”]  [/caption] No business has been conducted in both houses after the beginning of the winter session on November 22. It is estimated that over the last six days nearly Rs 6.5 crore worth of public money has been wasted due to the logjam in Parliament. Speculations are rife that the government might agree to a partial roll-back on FDI. The government has so far contended that the decision will boost the economy by bringing in more investment, increasing infrastructure for food storage and creating employment in the country. The opposition on the other hand has been arguing that the move will affect the small farmers and traders adversely, creating widespread unemployment. Even allies within the UPA, like the Trinamool and DMK, are arguing against the move. Earlier today Sushma Swaraj had blamed the government for the logjam in Parliament. The opposition has been demanding a debate on the issue. The government on the other hand has resisted any debate in the house which entails voting. The prime minister had met the president earlier today briefing her on the impasse. He has called for an all-party meeting tomorrow morning before Parliament convenes at 11 in the morning.