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Don't open multi-brand FDI in retail, PM told
Sunday July 22, 2012 03:45:12 PM, IANS
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New Delhi: The Samajwadi Party and the Left have urged Prime Minister Manmohan
Singh not to let FDI in multi-brand retail sector, saying this
will virtually destroy India's retail sector.
"Entry of MNC supermarket and hypermarket chains would cause
severe displacement of small and unorganized shopkeepers and
traders," a joint open letter to the prime minister said.
"The entry of the giant Wal-Mart supermarket chain would have a
disastrous impact."
The letter quoted one estimate as saying that a Wal-Mart
supermarket in India would displace over 1,300 small retail stores
and render about 3,900 people jobless.
"In a situation when employment growth has slowed down, the entry
of foreign supermarkets would further aggravate the employment
situation.
"We urge the government not to open up the retail trade to FDI any
further. Political parties across the spectrum are opposed to this
move. Many state governments have also stated their opposition."
The letter was signed by Samajwadi Party leader Mulayam Singh
Yadav, CPI-M's Prakash Karat, CPI's S. Sudhakar Reddy, Danish Ali
of Janata Dal-Secular, Debabrata Biswas of Forward Bloc and Abani
Roy of Revolutionary Socialist Party.
The letter pointed out that the Indian retail sector was the
second largest employer in India after agriculture.
"It employs over four crore people. Most of these are small
unorganized or self-employed retailers."
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