Bombay club

AKB writes in Business Standard:

"Who is opposed to higher FDI limits in retail and insurance? Going by public pronouncements, the Left parties are the most vocal about opposing any relaxation in the FDI policy for these two sectors. They fear that opening up the retail sector to unrestricted foreign players would take away jobs and sound the death knell for millions of small shops in this country. Similarly, a further opening up of the insurance sector, the Left fears, would undermine the interests of the state-owned insurance industry and the country’s economic sovereignty. And since the Left wields considerable influence over the Manmohan Singh government, most analysts believe that any forward movement on these fronts will happen only after the Left is convinced of the proposed changes.

But if you talk to those who deal with such policies in the government, you might come back with a different perception. It is the large Indian retail players who are more worried about the entry of the foreign players if and when the FDI policy is relaxed for the retail sector. It is not just the fear of the small retail shop-owners. The big Indian retail chains also want a little more breathing space to grow and expand their businesses without any competition from the foreign retailers.

Similarly, it is the relatively big insurance players who are not completely open to the idea of a higher FDI"

Save capitalism from capitalists!