CPI-M State Secretary Biman Bose on Monday said that the Foreign Direct Investment in multi-brand retail might put nearly four crore livelihoods at stake.
Opposing the Union Government’s decision to allow FDI in retail, he said that people might witness a fall in prices initially but that will only be till multinational retail firms begin controlling the market.
“Initially, there may be a benefit but once they (retail MNCs) take control they will monopolise the retailing business in the country,” Bose said.
There are nearly 1.2 crore retail stores in the country with space less than 500 sq.ft, Bose said, citing a FICCI report. According to him, opening up the gates for retail MNCs would lead to a contraction in the informal sector.
The Left parties would demonstrate against the move and would make people aware of the disadvantages of FDI in retail, he added. shobha.roy@thehindu.co.in