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Traders protest against FDI in retail in Uttar Pradesh

Lucknow, Mon, 05 Dec 2011 ANI

Lucknow, Dec 5(ANI): The opposition against proposed retail reforms continues with traders in Uttar Pradesh protesting the Central government's plans to introduce Foreign Direct Investment (FDI) in the country's retail market.


Traders took to the streets of Lucknow on Monday shouting slogans and burning effigies outside a wholesale store of global retail giant Wal-mart.


The protest rally was led by the Lucknow Traders Union, who say traders and farmers will be hit hardest by the reforms.


"The Central government has disregarded the sentiments of millions of traders and farmers in India by introducing 51 percent of FDI in the retail market. Over the last ten days, there have been protests all over India. All the political parties are with the traders on this issue," said Lakshmi Narayan Aggarwal, a leader of the traders union.


"All the farmers' unions are with the traders. All the economists and intellectuals have also given their opinions that the introduction of foreign investment would lead to a worsening of the economy and nobody will benefit from it. Today the Lucknow Traders Union has come to surround the Wal-Mart here and in a short while we will burn the effigy of Wal-Mart here."


"We will burn the effigies of foreign direct investment and the Commerce Minister Anand Sharma and show everyone that we will not sit quiet till we destroy it," he added.


Last month, the Congress-led government approved 51 percent FDI in the supermarket sector, paving the entry of firms such as Wal-Mart and Carrefour into an untapped market worth 450 billion dollars. (ANI)


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