Financial Daily from THE HINDU group of publications
Saturday, Feb 18, 2006
Financial Daily from THE HINDU group of publications Saturday, Feb 18, 2006 |
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Government
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Politics Industry & Economy - Foreign Direct Investment Marketing - Retailing NDA, Left oppose FDI in retail, urge traders to protest Our Bureau
New Delhi , Feb 17 CRITICISING the recent decision of the UPA Government to allow 51 per cent FDI in single brand retailing, the National Democratic Alliance (NDA) Convenor, Mr George Fernandes, has said that if the decision is not rolled back, every step would be taken to force the Government to do so. Speaking at a conference on FDI in retail, organised by the Confederation of All-India Traders and Federation of Associations of Maharashtra, Mr Fernandes said that it was evident that an attempt was being made to wipe out the small traders. He suggested that such traders should come out on the roads to protest FDI in retail. "Even if five per cent of the 4.2 crore small traders whose livelihood is at stake come out on the roads to protest, there will be no force to withstand it and the Government will have to relent." Speaking at the conference, the CPI General Secretary, Mr A.B. Bardhan, said that FDI in retail would provide jobs but "drive many more jobless." He said that he was not opposed to FDI, but that it should come in greenfield projects where India does not have enough competencies and not in retail trade, which is already well established and gainfully employing a huge number of people. The former Union HRD Minister, Mr M.M. Joshi, described the decision as one that would lead to loss of democracy. "The efforts (of allowing FDI in retail) are leading towards market dictatorship. The MNCs will drive small traders out of jobs and take away our democracy."
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