Lawyers oppose FDI in retail and SEZ

Chandigarh, Jan 3 (UNI) Expressing concern over the government's foreign direct investment (FDI) policy, a group of lawyers has cautioned that in the haste of setting up of special economic zones (SEZs) and FDI in retail sector, the government has overlooked the welfare of small traders.

Addressing a press conference here today, Supreme Court advocate Sonia Raj Sood said, ''We want the government to ascertain how much of the investment the multinationals will get in the country and how many jobs will they provide to local people.'' She also pointed out FDI in retail would affect 98 per cent of the retail trade in the country and will wipe out 15 million retailers.

''It's amazing how Prime Minister Dr Manmohan Singh reversed his stance of 15 years while allowing 51 per cent equity in the retail sector to a US- based multinational store,'' she added.

She further said that FDI in retail would affect the Indian manufacturer, who would not be able to compete with the foreign counterparts.

SEZ is the major step to economic slavery of Indians as labours laws will not be applicable there and only 35 per cent economic activity is allowed in these areas, she added.

UNI