The Centre's decision to allow 51 per cent FDI (foreign direct investment) in multi-brand retail is being strongly opposed by the Federation of Associations of Maharashtra (FAM), the apex body of over 750 trade, transport and small-scale associations. FAM gave out details on why it was opposed to the new policy at a press conference held here on Tuesday.
Mohan Gurnani, president, FAM observed, "We traders are being targeted and not only the traders' community but the Government of India is misleading the nation by claiming that FDI will change the face of retail trade in the country. In fact it will destroy the very fabric of small retail trade."
He added, "14th September, 2012, will go down in the history as the saddest day for retail trade in the country. The government's decision to permit FDI in retail will prove to be disastrous for the small street corner retailers."
As for the government's claims on new jobs, he questioned, "The government says that FDI in retail will provide better rates to farmers and consumers and it will generate employment opportunities for more than one crore people. But what about the jobs of five crore people who are associated with the retail market?"
Gurnani further stated, "We are not happy with the Government of India's highly unfortunate move with regard to FDI in multi-brand retail. As an action plan we have given a call for Maharashtra bandh on September 20, 2012, which will coincide with the All-India bandh organised by major political parties and trade associations across the country."
