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The Tamil Nadu Chamber of Commerce and Industry is strongly opposed to the Central Government's plan to permit foreign direct investment (FDI) up to 51 per cent in multi-brand retail sector in the country.
In a statement here, the chamber said that the readiness with a Cabinet note in the matter is suggestive of succumbing to the strong lobbying by multinational retail giants for their entry into the country's fast growing retail market, expected to touch Rs 20 lakh crore by 2015.
The statement added that the move is ill-conceived and would obliterate the livelihood of nearly 4 crore small and medium retailers and their 20 crore dependents, coming close on the Union Industry and Commerce Ministry's proposal for enhancing FDI ceiling for single brand retail from the present 51 per cent to 74 per cent.
Before implementing the single brand retail proposal, the Government must incorporate appropriate riders to protect well-developed products turned out by indigenous small and medium manufacturers and on no account open the gate for FDI in multi-brand retail sector in the country. It may be noted that Dr C. Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, has turned down the view of the Inter-ministerial Group in the matter, the Chamber pointed out and added that the Government should seriously consider his views before taking a decision.
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