From Our Special Correspondent
Daijiworld Media Network - Bangalore

Bangalore, Dec 3: Union Corporate Affairs Minister M Veerappa Moily on Friday lambasted the opposition BJP and Left parties for their ''mindless and unjustified” stand against the Congress-led UPA Government’s decision to allow Foreign Direct Investment (FDI) in the retail sector and contended that the market reform measure would benefit the people.

Addressing the valedictory ceremony of the Global Agribusiness and Food Processing Summit – 2011 organised by the D V Sadananda Gowda-led BJP government in Karnataka, Moily said the UPA government’s decision to allow FDI in the retail sector was part of the measures to give a boost to the agriculture sector and farmers as it would open the market for the farm sector.

Opening of the retail sector would boost the traditional retail sector in the country and create more jobs, he said warmly complimenting the Sadananda Gowda ministry for hosting the Agri Business Summit and felt it would accelerate the growth in the farm sector and bring in prosperity to farmers.

Moily said there was a dire need to address the prejudices on the issue of FDI in the retail sector and the Opposition unnecessarily making cure and cry on the issue without any substance. The communist country such as China and Russia have reaped rich dividend by allowing FDI in the retail
sector.

''The number of domestic and traditional retailers in China has witnessed a quantum jump from 1.9 million units to over 2.5 million,” he said.

The former Karnataka Chief Minister, who had earlier served as the Union Law Minister, contended that after allowing FDI in the retail sector, 6000 super markets were established in China. ''Opening of the retail sector has helped to strengthen the supply chain platform resulting increased economic activities and job creation” he said.

He also criticized those opposing global summit on agriculture and said ''there is no criminal act than preventing the farming community to prosper.”

However, former Chief Minister B S Yeddyurappa, who was the chief guest, strongly countered the UPA Government’s decision to allow FDI in retail and said ''one should not compare FDI in retail and holding the agri-business summit.”

Joining issue with Moily’s stance on FDI, Yeddyurappa said ''the Global Agribusiness summit should not be misconstrued as an endorsement of the UPA government’s decision to open up retail
sector.”