Srinagar, Dec 8: The Valley traders today welcomed the decision by the centre to “holdback” Foreign Direct Investment in retail sector.
 President, Kashmir Chamber of Commerce and Industries (KCCI), Abdul Hamid Punjabi told Greater Kashmir over phone that the chamber was happy with the decision of UPA government.
 “By halting the FDI in retail sector, the stakeholders and members of business community will at least get a chance to express their apprehensions on it,” he said.
 President, Federation Chamber of Industries Kashmir (FCIK) Zahoor Ahmad said: “It is good for the state that the centre has put on hold its decision on the FDI in retail sector.”
 He said the earlier decision by which the centre had allowed 51 per cent FDI in multibrand retail sector and 100 per cent in single brand, “would have sooner or later impacted Kashmir as well.”
  “The FDI in retail sector would have adverse affect on our beleaguered economy,” Zahoor said, suggesting that it would have been better if government allowed FDI in floriculture and agriculture sector of the state, which according to him would give impetus to the fruit industry in Kashmir.
 President, Kashmir Traders and Manufacturers’ Federation (KTMF) Muhammad Yaseen Khan echoing same views said: “It was our demand as we are totally against FDI in retail sector.”
 He said the KTMF had registered its protest with Union Minister for Commerce Anand Sharma.
 Yaseen said: “We won’t let the government to allow any FDI in the retail sector as it will render thousands of youth unemployed in the state.”
 Co-chairman, Federation of Commerce and Industries Jammu (FCIJ) Tejiwant Singh said: “We are not fully fully satisfied with the decision of the central government. It is just an executive order that seems to have passed for smooth functioning of the parliament. We want total rollback of this policy and not just holdback.”
 Pertinently earlier decision of government to allow foreign direct investment has snowballed into major controversy. As traders were against this decision and finally government was forced to holdback its decision.

Lastupdate on : Thu, 8 Dec 2011 21:30:00 Makkah time
Lastupdate on : Thu, 8 Dec 2011 18:30:00 GMT
Lastupdate on : Fri, 9 Dec 2011 00:00:00 IST