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Uttar Pradesh traders slam Centre's decision to approve FDI in retail

Kanpur, Sun, 27 Nov 2011 ANI

Kanpur, Nov. 27 (ANI): Traders staged a protest outside the residence of Union Coal Minister Sriprakash Jaiswal here on Sunday against the Central Government's decision to approve 51 percent Foreign Direct Investment (FDI) in multi-brand retail.

 

The protesting traders handed Jaiswal a memorandum and requested him to roll back decision of FDI in retail.

 

Unsatisfied with the government's decision, Vinod Gupta, a protestor feared that if the government did not withdraw its decision of FDI in retail then the business of traders in India would severely get ruined.

 

"Today, we have come at the residence of our Kanpur representative Sriprakash Jaiswal and we requested him that the companies like Wal-Mart is detrimental to our country and is a matter of concern for the traders," said Vinod Gupta, a protestor.

 

"If companies like Wal-Mart come in our country then the business of our traders will get ruined. So we have requested him by giving a memorandum to please stop the multinational companies to enter in retail sector of India," he added.

 

Protestors urged Sriprakash Jaiswal to request Prime Minister Dr. Manmohan Singh to stop entry of multinational companies to India.eanwhile, Sriprakash Jaiswal assured the traders that he would take up their case to the Prime Minister and would request him to consider the feelings of the trading community.

 

"The decision came from the cabinet about opening of FDI in retail sector, and Akhil Bharatiya Udyog Vyapar Mandal has given us the memorandum, I have accepted it and I will inform this to Prime Minister and request him to consider the feelings of traders and work accordingly," said Jaiswal.

 

The government had taken a Cabinet decision to allow 51 percent FDI in multi-brand retail and increased the FDI in single-brand to 100 percent. (ANI)

 


Read More: Kanpur | Kanp

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