Economic Reforms - UPA wins vote over FDI in Retail in Lower House

Image Credit: GoodReturns

The UPA government won the motion on Foreign Direct Investment in retail by 253 votes in Lok Sabha on Thursday. While 218 MPs out of total 417 attended members in the Lower House.The motion over the FDI in retail was considered in the house for discussion and vote by the speaker in rule 184, which voted on Thursday.

The Bahujan Samaj Party and the Samajwadi Party have abstained from voting, opposing the FDI in retail.
It is a win-win situation for the UPA and the Prime Minister to move further for second wave of economic reforms in the country, which is the third largest economy in Asia.

The impact of wining over FDI in retail was loud and clear on the stock markets in India – BSE and Nifty, both have zoomed a good gain on Thursday. The FDI in retail has been the tough move for the UPA government as the Parliament could not do its business for two weeks, opposition stalling the proceedings.

The UPA government has got the approval of the Lower House – Lok Sabha over its economic reforms in form of FDI in multi-brand, and it will face the acid test in the Upper House – Rajya Sabha.
According to media reports, the debate and voting in Rajya Sabha might go through disrupting scenario on Friday.