FDI in retail will make us all rich.

The freeloading press cannot stop lauding the Congress after the passage of the bill allowing Foreign Direct Investment in multi brand retail which will allow companies like Walmart to hold 51% in retail business in India. It is being described as " big bang ", " bold " and " game changer " in the press. But is it? On 19 December dairy farmers blockaded Muller Wiseman Dairies in Droitwich which is the largest dairy in the UK producing 2 million liters of milk daily for supply to Tesco, Sainsbury and Coop, some of the largest grocery supermarkets in Britain. Mail Online 20 December. The next day they planned to blockade Arla Dairy in Stourton in Leeds which produces 1.75 million liters of milk daily for supply to Asda and Morrisons. Reason? These large chains are forcing price cuts on farmers to protect their own profits. One organiser, Paul Robottom said," The point is it costs a farmer a minimum of 32 pence/lit to produce their milk. They want to be covering their costs but some are getting as little as 26 or 27 pence. This is no good for anyone. People are in financial embarrassment, they can't pay their bills. Many are just giving up on dairy farming." Workers at Walmart across the US went on strike on 23 November, which is known as black Friday as it is the biggest sales day after Thanksgiving, but it did not affect sales. Demos, a think tank, says," Walmart has used its power to lower wages, cut hours, and deny benefits to its workforce, reducing the quality of retail jobs as a whole." McDonald's pays $9 an hour to its employees which comes to a total of $18,500 a year, which is $4,500 less than the Census Bureau's poverty income threshold of $23,000 per year for a family of 4. Staff have to work a second and even a third job to manage. There are class action lawsuits against Walmart in several states in the US for alleged mistreatment of employees. The US Supreme Court dismissed a class action lawsuit brought by 1.5 million women employees against Walmart, the largest of its kind. A New York Times investigation has revealed systematic bribery of officials in Mexico by Walmart de Mexico to get round zoning laws, planning permissions and protests by locals in 2003-04. TOI, 19 December. A former Walmart de Mexico lawyer contacted Walmart executives in Bentonville, Arkansas and told them how Walmart was bribing officials in Mexico with examples. This alarmed Walmart officials at the highest level prompting an internal investigation but this was shut down in 2006. We do not know whether the FDI bill was passed after our politicians were bribed but seeing that we are cursed with the lowest sleazeballs in the world it would not be surprising at all. We can expect Indian companies to sell out, making billions and our farmers being squeezed by foreigners instead of by local middlemen. But who cares?