New Delhi: Opposing the suggestion of Committee of Secretaries to allow 51 per cent FDI in multi-brand retail, the Confederation of All India Traders on Saturday said the move will adversely affect "crores" of small shopkeepers.
"CAIT wil hold a protest dharna at nearly 100 paces in different states of the country on July 26," the traders association said in a statement.
The Committee of Secretaries (CoS) in a meeting yesterday agreed to allow foreign investment in the politically- sensitive sector. However, the proposal requires cabinet approval.
"...(the move) will adversely affect crores of shopkeepers and also badly hit people who are dependent upon retail trade for their livelihood," CAIT National President B C Bhartia said.
The Association alleged that the CoS recommendations came after strong lobbying by the global retailers and domestic corporate houses.
"The CAIT delegation will soon meet leaders of political parties and chief ministers of all the states...to apprise them about the apprehensions and concerns of the trading community," it said.
Many global retailers like Wal-Mart are waiting in the wings for a full-scale entry into India's multi-brand retail segment, dominated by mom & pop stores. An Icrier report had pegged the size of the sector at about USD 590 billion.
India has already allowed foreign direct investment (FDI) of up to 51 per cent in the single brand retail and 100 per cent in cash-and-carry format of the business.
PTI
