Source: Business Today

Foreign direct investment in multi-brand retail on Wednesday got the approval of the Lok Sabha as the Opposition motion seeking immediate withdrawal of the decision was rejected convincingly as BSP and SP walked out.

While 218 members voted in favour of the Opposition motion, 253 voted against it in the House where 471 members participated in the voting.

Members of SP and BSP, with respective strength of 22 and 21, did not participate in the voting as they walked out alleging that interests of farmers and small retailers had been ignored.

The government also won the motion on amendments to the Foreign Exchange Management Act (FEMA) to facilitate foreign investment in multi-brand retail. Trinamool Congress MP Saugata Roy had moved the motion opposing the amendments.

The victory of the government after two days of heated debate was immediately hailed by Prime Minister Manmohan Singh and UPA chairperson Sonia Gandhi.

“FDI policy that we have put in place has the approval of this House (Lok Sabha),” the Prime Minister said. Prime Minister Manmohan Singh  is a member of Rajya Sabha but was present during the voting in the Lower House. Read more