Trade and industry circles here have slammed the decision of the Central Government to allow foreign direct investment (FDI) in multi- brand retail in the country.
They have welcomed the announcement of Chief Minister J. Jayalalithaa, not to allow FDI in multi-brand retail in the State.
Tamil Nadu Chamber of Commerce and Industry, in a statement, said that the decision to allow 51 per cent FDI in multi-brand retail by the Central Government is distressing and the move is fraught with perilous consequences. It would obliterate the livelihood of nearly 4 crore small and medium traditional retailers and their 20 crore dependents in the country, it observed.
The Chamber has also announced, in a separate statement that it would be participating in the proposed ‘Bharat Bandh’ on September 20 called by the Confederation of All India Traders (CAIT), New Delhi, to register the opposition to the move by the Central Government, as also against the increase in the price of diesel and has urged all the establishments to close the shutters on the day.
Tamil Nadu Foodgrains Merchants Association in a statement, expressing the decision as shocking, said that it would prove to be detrimental to the interests of farmers, traders and the public at large.