India’s Trinamool Congress Party is to resign from the country’s governing coalition in protest over plans to open the door to foreign investment in the retail sector.

In a statement last night (18 September), the Party’s Chief Minister Mamata Banerjee said its six ministers would resign from the coalition on Friday.

“We have decided to quit United Progressive Alliance (UPA) and our ministers will submit their resignations on Friday to the Prime Minister in New Delhi,” Banerjee told members of a press conference in Kolkata yesterday.

“We cannot support [the] price hike on diesel and reduction in subsidised LPG cylinders. Allowing Foreign Direct Investment (FDI) in retail sector will kill poor farmers which we cannot accept.”

The government launched its latest attempt to allow foreign firms to own 51% of multi-brand stores last week. Previous plans were shelved in December amid some local industry and political opposition.

Banerjee said ministers will go to Delhi on Friday to submit their resignations at 15:00 to the country’s Prime Minister Manmohan Singh.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.