FDI in retail: Traders to stage protests

CHENNAI: Voicing opposition to Cabinet approval for foreign direct investment in the multi-brand retail sector, a top traders' body in Tamil Nadu today announced plans to stage state-wide protests in support of their demand for a rollback.

"The claims that FDI will infuse money into the domestic market are false. Besides small traders, even others such as those in the farm sector dependent on retail trade will be affected," T Vellaiyan, the President of the Federation of Tamil Nadu Traders' Association, an apex traders' body, said.

The federation will soon come out with an action plan to protest the Centre's move permitting 51 per cent FDI in multi-brand retail and 100 per cent in single-brand retail, he said.

Another traders' body also opposed the move, saying it will hold a state-wide hunger fast on December 6.

"As many as 20 lakh small traders will be affected in Tamil Nadu due to the move. We plan to hold a hunger strike across the state on December 6, demanding the immediate rollback of the approval," A M Vikrama Raja, the head of Tamil Nadu Vanikar Sangankalin Peramaippu, said.