Don`t open multi-brand FDI in retail, PM told
New Delhi: The Samajwadi Party and the Left have urged Prime Minister Manmohan Singh not to let FDI in multi-brand retail sector, saying this will virtually destroy India`s retail sector.
"Entry of MNC supermarket and hypermarket chains would cause severe displacement of small and unorganised shopkeepers and traders," a joint open letter to the prime minister said.
"The entry of the giant Wal-Mart supermarket chain would have a disastrous impact."
The letter quoted one estimate as saying that a Wal-Mart supermarket in India would displace over 1,300 small retail stores and render about 3,900 people jobless.
"In a situation when employment growth has slowed down, the entry of foreign supermarkets would further aggravate the employment situation.
"We urge the government not to open up the retail trade to FDI any further. Political parties across the spectrum are opposed to this move. Many state governments have also stated their opposition."
The letter was signed by Samajwadi Party leader Mulayam Singh Yadav, CPI-M`s Prakash Karat, CPI`s S Sudhakar Reddy, Danish Ali of Janata Dal-Secular, Debabrata Biswas of Forward Bloc and Abani Roy of Revolutionary Socialist Party.
The letter pointed out that the Indian retail sector was the second largest employer in India after agriculture.
"It employs over four crore people. Most of these are small unorganised or self-employed retailers."
More from India
More from World
More from Sports
More from Entertaiment
- Delhi police arrests BSF personnel, ISI operative for espionage
- What is the motive behind 'unconditional talks' offer by Pakistan?
- Special report: Kashmiri Pandits recall their plight
- Jhansi's ammunition factory was target of ISI agents
- Panel discussion on film director Ali Akbar's accusation on Madrasa
- Video: India won't tolerate disrespect to national anthem – this Mumbai family learnt it the hard way
- Watch: Boy dies after falling from a Mumbai local train – video maker is guilty too!
- Had Sardar Patel become PM, India would have been another Pakistan, says Kancha Ilaiah
- Shocking! World Cup winning cricketer forced to sell 'kachoris' to make a living
- Watch: ISIS terrorist blown into pieces while bragging about his previous victory