Nationwide agitation against FDI in multi-brand retail | SupportBiz

In Brief

Nationwide agitation against FDI in multi-brand retail

More than 25 organisations of traders, farmers and hawkers met in New Delhi on Tuesday and decided to launch a nationwide agitation if the government does not roll back its decision to allow foreign direct investment in multi-brand retail.

Addressing the meeting, Bharatiya Janata Party leader Murli Manohar Joshi described FDI in retail as a "foreign attack" on India's economy and said no industry will flourish after the entry of multinationals as they will source cheaper goods from all over the globe.

Communist Party of India-Marxist leader Basudev Acharya said FDI in retail means monopoly of multi-national corporations. "Why allow global retailers to invade our economy when people are capable of setting up anything indigenously, be it infrastructure or cold storages,", he asked.

The leaders of various stakeholder organisations said the government, instead of inviting FDI in retail, should work out a comprehensive strategy to upgrade and modernize the existing retail trade.

"Up to a point, the consumer will be benefitted. But once MNCs dominate, the consumers also become captive to them as their game is of concentration and domination," they added.

The meet decided to hold a protest rallies across the country, culminating in a "Maha Rally" in the national capital.