PMK slams 51 per cent FDI in retail sector

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FDI
Chennai, Nov 25: Pattali Makkal Katchi today (Nov 25) slammed Centre's approval for 51 per cent FDI in multi-brand retail sector and warned of protests if it was not rolled back.

Party founder S Ramadoss said small retailers had been already affected by entry of large domestic giants and asserted the Rs 25 lakh crore worth industry had been literally 'ceded' to foreign companies.

In the name of removing the impression that the government was suffering "from decision making paralysis, it has taken such an atrocious decision which puts the future of five crore small retailers in jeopardy," he said.

This decision must be immediately withdrawn otherwise PMK will not hesitate to hold protests to safeguard interests of small retailers, he said in a statement here, charging the Centre with having scant regard for the welfare of the domestic small retail players.

He expressed fears that foreign retailers may not abide by government directive on procuring 30 per cent of their commodities from them, saying the firms would rather prefer Chinese suppliers for cheaper goods.

PTI

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