FKCCI opposes FDI in retail trade

N S Srinivasa Murthy, president of FKCCI, told reporters that the entry of FDI into retail would upset the current socio-economic system of the country. “The move will wipe out small and medium scale enterprises in one stroke. Around 1.2 crore petty traders will be wiped out and at least four crore people will become unemployed,” he said.

‘Common man unaware’

While maintaining that FDI was welcome in technology-oriented units, infrastructure, ports and roads, he added that the government had kept the common man unaware of the true impact of the move.

“The Department of Industrial Policy notification was sent on the internet and not published in any of the regional newspapers. This is one of the major flaws of the government. The citizens of the State need to know what exactly FDI is about and how it is going to affect them,” Murthy remarked.

Presently, around 15 crore people are employed in the retail sector as the government is not able to provide the employment opportunities. “Today, for every 100 houses in the country there is one trader catering to their requirements,” he said. Around 100 traders and industry associations participated in the protest.

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