‘100% FDI in retail would break the back of small and medium traders’

The Delhi Assembly on Wednesday passed a resolution against FDI in retail with AAP legislators stressing that the move launched […]

   

The Delhi Assembly on Wednesday passed a resolution against FDI in retail with AAP legislators stressing that the move launched by the BJP-led central government would “break the back” of small and medium traders. The resolution, moved by Aam Aadmi Party’s MLA Somnath Bharti, stated that 100 per cent foreign direct investment (FDI) in retail would only lead to “economic slavery”. “[It] resolves to oppose the decision of the union cabinet to allow 100 per cent FDI in retail as it leads to breaking the back of small and medium traders and ultimately to economic slavery of the country,” the resolution read. Participating in the discussion on the issue, Delhi’s urban development minister Satyendar Jain said the BJP’s claim that FDI in retail had nothing to do with small traders was incorrect. “FDI [in retail] will destroy the business of traders. The country will move towards economic slavery,” Jain said. Labour minister Gopal Rai said that this was an anti-trader decision which would only lead to unemployment. The union government on Wednesday allowed 100 per cent FDI by foreign investors in single brand retail trading and construction development.





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