Addressing the party MPs, ministers, legislators, district Congress chiefs and MPCC office bearers, the ministers explained the circumstances under which the decision to allow FDI in retail was taken. “We need foreign currency. We do not have sufficient reserves at the moment,” they said.

Today our imports exceed our exports and the government is spending large amounts on crude oil and LPG, the party men were told. They added that in 1991, the government had to pledge gold stocks to borrow foreign currency to meet its requirements, and they did not want to repeat such a situation. To dispel apprehensions and doubts among the people, you should take the government programmes and policies to people to educate them, said the ministers.