CPM warns against FDI in retail sector

Yechury laid down a few conditions for FDI in India, . 8220;FDI should provide employment and ensure technological advancement,8221; he said, adding that FDI in retail will adversely affect employment opportunities.

He said one should be careful that FDI does not enter the retail market through the backdoor. 8220;The companies begin by selling only single brand items,8221; he said, hinting that they later enter into other segments.

Talking about the crisis in Singur, Yechury said it was imperative for the state government to acquire farmland in the area as there is only one per cent fallow land in West Bengal.

8220;Land acquisition laws must be amended and the amount of compensation should be incorporated in the Act,8221; he said, referring to the party8217;s efforts to change the 1894 Land Acquisition Act.

8220;Had the Act been amended, the crisis in Singur would not have occurred,8221; he added.

Expressing hope that the Tatas do not leave Singur, the CPM leader said, 8220;The issue will soon be settled at a meeting between the Chief Minister and the Tatas.8221;