Traders to protest against FDI in multi-brand retail on Feb 22

NEW DELHI: Traders will take part in a protest march to Parliament on February 22 against the government's decision to allow foreign direct investment ( FDI) in multi-brand retail.

Under the banner of Bhartiya Udyog Vyapar Mandal (BUVM), traders from different states will begin a sit-in protest at Jantar Mantar from 10 am and, around noon, will proceed towards Parliament.

"FDI in multi-brand retail will be detrimental to the Indian economy. It will lead five crore independent enterprises to shut their shops," BUVM's Secretary General Vijay Prakash Jain said in a statement.

The opening up of the multi-brand retail sector would not only ruin traders, but wreck havoc on farmers, consumers, transporters, hawkers and co-operatives also, he added.

The government has put on hold its decision to allow 51 per cent FDI in the multi-brand retail after strong protests from its key allies like the Trinamool Congress (TMC) and the Opposition.

The country has allowed 100 per cent FDI in the single-brand retail.