Traders strongly oppose entry of FDA in retail sector

Mumbai, Aug 7 (UNI) The Federation of Associations of Maharashtra (FAM), a body of traders, today strongly opposed the Centre's proposal to allow Foreign Direct Investment (FDI) in retail trade.

FAM President Mohan Gurnani told mediapersons ''FAM along with other trade associations including representatives of hawkers-cum-vendors, concerned labour unions and others have organised a huge meeting at Shanmukhanand Hall on August 9, where they will deliberate on the future course of action on the issue.

''FAM strongly disapproves the Government's decison to favourably consider Walmart-Bharati deal. While the government wants to consider this as a 'Cash&Carry Wholesale' proposal, this is in effect a backdoor entry given to Walmart to conduct retail trade in India. It is highly unfortunate that a large Indian corporate house is assisting Walmart in achieving their objective, which can not be reached by the straight forward method.'' UNI