Andhra Pradesh - Kurnool   

CPI(M) opposes FDI in retail sector

Staff Reporter

Fears move will displace small and medium traders

KURNOOL: The round table conference sponsored by the CPI(M) on Tuesday opposed Foreign Direct Investment (FDI) in retail sector. Town secretary of CPI(M) K. Prabhakar Reddy presided over the meeting.

District Secretary of the party T. Shadrak said FDI in the retail sector would displace a large number of small and medium traders in the country creating a serious social problem.

He said even the Central Government was favouring FDI in the sector, which needed to be opposed tooth and nail.

District President of the Chamber of Commerce I. Vijayakumar Reddy said domestic traders could not compete with the multinationals, who would dump all their resources to uproot the small traders through unfair price competition.

Once the small traders were out of business, the MNCs would exploit the customers too.

Sovereignty at stake

District president of Cloth Merchant Association G. Prasad said the people, traders and governments should not ignore the fact that the trading community from Europe had ruled the nation for 200 years.

FDI flow had been a serious concern not only for small traders but also the people of the country whose sovereignty was at stake.

He said around 40 million people were employed in trade in the country. Medical Representatives Association leader Prasad Sarma, CITU leader Gouse Desai, AIDWA leader P. Nirmala and others were present.

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