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Sattur Chamber of Commerce and Industries has urged Prime Minister Manmohan Singh not to allow foreign direct investment (FDI) in retail trade.
In a letter addressed to the Prime Minister, P.T.K.A. Balasubramanian, Secretary of the chamber, said that small and medium industries depended on retail trade only and many of the retail business owners have been the employees earlier.
Though it is said that FDI will uplift farmers in the country, the claim is bound to prove false.
The commodities market, instead, will be controlled by FDI. Under the circumstances it will be prudent to desist from allowing FDI in retail or any trade in the country, he said.
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