Rally against FDI in retail on March 7: CAIT

NEW DELHI: Traders body CAIT today said it has called for a rally here on March 7 against foreign direct investment in the multi-brand retail sector.

"People from all the country will participate in the rally. We will ensure that the government's decision will not be implemented," Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal told reporters here.

He said that leaders like BJP leaders including L K Advani, Murli Manohar Joshi and CPM leader Sitaram Yechury and Brinda Karat are expected to participate in the rally.

Khandelwal said the government's decision to allow 51 per cent FDI in multi-brand retail would spell doom for consumers and traders as foreign investors will jack up prices to exploit the situation to their benefit.

He also alleged that Commerce and Industry Minister Anand Sharma has not done any consultation on the issue.

Further he said the Supreme Court's view on FDI in retail is "very valid and relevant".

The apex court has yesterday said that interest of small retail traders should not be affected due to FDI in retail sector and sought response from the Centre on how it intends to safeguard their interests.

A bench headed by Justice R M Lodha has asked the Centre to file its response within three weeks.