Financial Daily from THE HINDU group of publications
Friday, Dec 16, 2005
Financial Daily from THE HINDU group of publications Friday, Dec 16, 2005 |
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Opinion
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Letters FDI in retail
Though it is perhaps a good thing to encourage FDI in the retail sector, there are a few issues that need to be borne in mind. There are more than one crore small shop owners and small and medium traders with a turnover of about Rs 2 lakh crore who contribute one-seventh of the country's GDP and form 20 per cent of the work force, the highest after agriculture. Almost 90 per cent of the small retailers are in the unorganised sector and hence unable to protect themselves against giant multinational retailers once the markets are opened to foreign investors. If FDI is allowed, MNCs would monopolise the retail market virtually eliminating the rural and urban suppliers of goods and products in the country. It should be our endeavour to stop rich countries from exploiting poorer nations. Developed nations should not misuse the WTO as their tool to gain undue advantage over the third world. Seethanagaraja Sastrigal Thanjavuir
Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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