BJP writes President of India over withdrawal of FDI in retail

BHUBANESWAR: The Bharatiya Janata Party (BJP) on Wednesday urged the President of India to withdraw the Union Government’s decision to allow 51 per cent FDI in multi-brand retail sector. The wrong decision would create disaster in the country’s economy in the future, said the party in their letter to the President through Governor of Odisha.

The party said the dominance of foreign investors in retail sector would create a serious trade imbalance, artificial scarcity of commodities as well as unusual competition in retail business sector. Due to the FDI in retail, the unorganised producers including farmers, MSME sectors and even the other non MNC brands would not be able to withstand the competition because of the monopolisation of the foreign investors, the party said in the letter adding, “As we don’t have any legislations to protect the business and economic interests of the unorganised producers, they will perish gradually.”

The party also said the FDI would affect the small and midsized retail sectors which are giving bread and butter to an approximate number of more than a crore of Indian citizens and they would be forced indirectly to close their business. Therefore the party requested the President of India to intervene into the matter very soon.