New Delhi, July 16 (IANS) The Confederation of All India Traders (CAIT) Tuesday opposed raising of the foreign direct investment (FDI) cap in multi-brand retail and said any such move will have a huge negative effect on the national economy.
"Any such move will have a huge negative effect on national economy and will ruin the domestic trade of the country. We will mobilise tens of millions of voters against the policy, and we will rally against the Congress party in the upcoming state and national elections," the apex traders organisation said in a release.
The traders organisation voiced its concern, as prime minister Manmohan Singh is set to hold a meeting with cabinet ministers later in the day to discuss the proposal to hike foreign investment caps in sectors like telecom, retail and defence.
"It is a question of the survival of our people. We will not rest till this policy is reversed," B.C. Bhartia, CAIT national president, said.
Cautioning the government not to increase FDI cap in multi-brand retail, the traders body asked the government instead of hiking FDI cap, the government should draw a national trade policy for retail trade to upgrade the existing format of retail and wholesale trade and make it compatible to meet the global challenges.
"Any hike in FDI in multi-brand retail will have to face a nationwide agitation by the traders, farmers, hawkers, labourers, transporters, small industries, consumers and other retail stakeholders," CAIT added.
A government committee has recommended increasing FDI cap in multi-brand retail trading to 74 percent from 51 at present.
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