Traders cry foul over Bharti-Wal-Mart JV
Within hours of world's largest retailer Wal-Mart announcing a joint venture with Bharti Enterprises for wholesale cash & carry business, traders have denounced it.
By PTI |
NEW DELHI: Within hours of world's largest retailer Wal-Mart announcing a joint venture with Bharti Enterprises for wholesale cash and carry business, traders have denounced it as a "sinister move" labelling it as a back door entry that would leave many jobless.
"It is nothing but a sinister move to capture the Indian retail trade and rendering a large number of people jobless and is a clear case of back door entry of Wal-Mart into retail trade of India," Confederation of All India Traders (CAIT) Secretary-General Praveen Khandelwal said in a statement.
He alleged that the agreement between Wal-Mart and Bharti was "directly related to retail trade" despite the government limiting foreign entry only in cash and carry business.
Khandelwal said Wal-Mart's entry into India would invariably be followed by the other multinational retailers like TESCO and Carrefour, would monopolise the retail market in India "causing harmful effects to all sections of people".
"It is nothing but a sinister move to capture the Indian retail trade and rendering a large number of people jobless and is a clear case of back door entry of Wal-Mart into retail trade of India," Confederation of All India Traders (CAIT) Secretary-General Praveen Khandelwal said in a statement.
He alleged that the agreement between Wal-Mart and Bharti was "directly related to retail trade" despite the government limiting foreign entry only in cash and carry business.
Khandelwal said Wal-Mart's entry into India would invariably be followed by the other multinational retailers like TESCO and Carrefour, would monopolise the retail market in India "causing harmful effects to all sections of people".
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