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Tuesday, Oct 19, 2004

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Traders oppose FDI in retail

Our Bureau

New Delhi , Oct. 18

EXPRESSING concern over the growing dominance of multinational companies in the country's Rs 60,000-crore retail business, traders have warned that any move to increase foreign direct investment in the retail sector would ruin the business of small and medium traders scattered over the country.

"We unanimously oppose foreign direct investment in retail business and urge the Government to draw certain standards for multinational companies for their operations here, so that Indian retail trade may not go into their clutches," the Confederation of All India Traders (CAIT) Secretary General, Mr Praveen Khandelwal, was quoted in a press statement.

CAIT is the apex body representing the interests of the trading community. Mr Khandelwal said it was a serious matter for the survival of small and medium traders of the country and a memorandum on the issue will soon be handed over to the Government.

Mr Khandelwal said CAIT was organising a national seminar with leading trade federations, associations and merchant chambers.

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