HDFC chairman Deepak Parekh and member of Parliament Ashok Ganguly have appealed to corporate India to come out strongly in support of a besieged government, which is overwhelmed by opposition to its proposal to open up foreign investment in retail. The two senior business leaders are part of a group of 14 eminent citizens who had come together to raise the issue of policy paralysis, and later the Lokpal Bill. In a joint statement titled ‘The false dangers of FDI in modern retail trade’, the two have made a call “to the saner sections of Corporate India to come out and strongly support progressive measures and reforms with the same spirit and gusto with which we take the liberties to criticize policies or issues we do not appreciate”. Backing the move to allow FDI in retail, the statement said: “Modernization of retail trade is an essential part of India’s growth story. It is well known, from experiences of countries such as China, Indonesia and several others, that modern retail trade and traditional traders can, and do, prosper side by side, raising employment along the supply chain, improving farm incomes, reducing spoilage and delivering affordable products to consumers.”
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