FDI in multi-brand retail will displace retail traders: PMK
Voicing concern over the Centre's proposal to allow FDI in multi-brand retail, PMK founder S Ramadoss Wednesday said it would only result in displacing retail traders from business.india Updated: Jul 07, 2010 22:33 IST
Voicing concern over the Centre's proposal to allow FDI in multi-brand retail, PMK founder S Ramadoss Wednesday said it would only result in displacing retail traders from business.
In a statement here, he said if multinationals were allowed into retail trade, it would lead to further increase in forward trading, resulting in artificial scarcity of items and price rise.
"A few thousand jobs may be created out of this, but lakhs of small traders will be displaced from business. Traders should oppose this move tooth and nail," Ramadoss said.
He alleged that opening up the Indian markets to global giants like Pepsi and Coca Cola had resulted in small local players being driven out of business, while big Indian corporates' foray into business such as common salt had affected small and local traders.
Saying that the entry of big corporates would 'spell doom' for a number of local traders across the country, Ramadoss, whose party was part of UPA-I regime, urged the Centre to not allow FDI in multi-brand retail.
BJP too today cautioned the government against taking hasty steps over the FDI issue and called for a debate on the matter.
The main opposition said it will also form a five-member committee to visit different parts of the country and get an opinion on the issue. The committee will submit a report to the BJP high command.
First Published: Jul 07, 2010 22:31 IST