CPI-M state secretary Biman Bose opposes FDI in retail

KOLKATA: Opposing FDI in multi brand retail, CPI-M state secretary Biman Bose said four crore livelihoods would be at stake and people may see price benefit initially till retail MNCs began controlling the market.

"Initially, there may be benefit but once after taking control and they (retail MNCs) will monopolise the retailing business in the country," Bose told reporters here.

Citing FICCI report, Bose said there are 1.2 crore retail stores in the country below 500 sq feet.

Opening up gates for retail MNCs would lead to contraction in the informal sector, he said adding benefit will directly move to formal segment.

Quoting trade union reports, he said most employees of Walmart are contractual and part time which would put job security at stake.

Bose said Left parties would demonstrate against the move and would make the people aware of the ills of FDI in multibrand retailing.

The hike in diesel price will push inflation, which is already at over 12 per cent.