Mangalore : Speaking at the meeting held on FDI, KCCI Former president and President of Old Bunder Wholesale Kirana and Allied Merchants Association G G Mohandas Prabhu said that the government’s decision to allow 51% Foreign Direct Investmen   (FDI) in Multibrand Retail Trade has distress the Indian Consumers, farmers and traders, who make a living by the Retail Trade.

He also said that it is a myth that FDI in retail will ensure higher income to farmers and help reduce poverty in India. The studies were commissioned by the US Congress on the linkage between farm gate and retail prices.

A report from a Global Trade Union warning that FDI in Multibrand Retail would lead to large scale displacement and poor treatment of Indian Workers is already in the know of Government of India. This Trade Union with the estimated membership of 20 millions of workers in the service industry dwells on business practices in many countries and concludes FDI in Multibrand Retail will lead to widespread displacement of Indian Workers in Retail, Logistics, and Agriculture and Manufacturing sectors.

The National Sample Survey Organisation of India (NSSO) has determined that 44 Million people are directly involved in retail trade. The association is apprehensive about the capacity of this small retail trader to withstand the onslaught of MNC’S. The Government of India is keen on inflow of capital into backend infrastructure by these MNC’s. This is totally unbelievable. The Food and Agricultural Organisation (FAO) has estimated a 36% loss of fruits and vegetables in USA, Canada, Australia, and New Zealand where big retail is most developed. Taking a view of the hard facts and in the best interest of Indian Traders, working and agriculturist, the association reconsider the decision allowing 51% Foreign Direct Investment in Multibrand Retail.

CPI(M) secretary Vasanth Achary and leader of various organisation were present at the meeting. Later they submitted a memorandum to DC NS Channappa Gowda.