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TN Chamber plea against FDI in retail trade

Our Correspondent

Madurai , June 17

THE Tamil Nadu Chamber of Commerce and Industry (TNCCI) has made a plea against the entry of foreign direct investment (FDI) in the retail trade in the country.

In a memorandum submitted to the Union Minister of State for Commerce and Industry, Mr E.V.K. S. Elangovan, at New Delhi recently, TNCCI, expressing concern over the policy decision taken by the previous Government to allow FDI in the retail sector, it said that given the nature of the retail trade in the country, it stood no match to the financial power commanded by the multinational companies and would be wiped out.

The economy would be severely impacted, with resultant increase in the unemployment ratio. FDIshould not be allowed even under the pretext of `cash and carry whole sale trade'. It is necessary that FDI be allowed in carefully decided areas such as infrastructure development and other core sectors.

Efforts should be taken to include the SSI concept under the WTO agreement with proper protection measures, the chamber said.

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