JK business community opposes FDI in retail sector
Says foreign supermarkets will wipe out local livelihoods
Srinagar, Nov 26: Government of India’s opening the multi-brand retail sector to foreign companies has evoked sharp criticism from the traders’ community in J&K who have appealed the government here not to allow any such investments in the state.
Anticipating tough competition in retail sector, representatives of various traders and industrial bodies told Greater Kashmir that the arrival of foreign retail giants would shrink the space for small and petty shopkeepers.
President, Kashmir Chamber of Commerce and Industries (KCCI), Abdul Hameed Punjabi said: “The decision is indeed worrisome. It will kill local kirana business and create monopoly of big retail chains.”
President, Federation Chamber of Industries Kashmir (FCIK) said: “We are highly concerned with the decision. It will create unemployment as retail sector will be the worst hit.”
To mention, the UPA-led coalition government at the centre approved 51 per cent FDI in multi-brand retail sector while enhancing the foreign investment slab to 100 per cent in single-brand retail. The move, the government said, will help tame the inflation that has become a big concern for it. Notably, the decision to allow the foreign stores in the states has been left to the state governments.
Former President, FCIK Shakeel Qalandar said: “The decision by the centre would have adverse impact on our economy. The move has the potential to wipe out the retail sector.”
Qalandar said the employment that will be created by the foreign stores would benefit only the well qualified persons. “Majority of our youth who did not possess the high qualification and are doing retail business will be pushed to wall,” he added.
Qalandar suggested that J&K government should not allow foreign stores in the state. “The state government should take opinion of all the stakeholders before allowing foreign retail chains to operate in state,” he said, adding that the government should reflect properly before taking any decision regarding the FDI in state retail sector.
President, Kashmir Traders and Manufacturers’ Federation (KTMF) Muhammad Yaseen Khan said: “We are against this decision. It will shatter our economy. State Government should not allow such investments in the state.”
Co-chairman of Federation of Commerce and Industries Jammu (FCIJ) Tejiwant Singh said: “We are totally against this decision. We have conveyed our reaction to the state government appealing it not to allow foreign stores in J&K.”
President, Chamber of Commerce and industries (CCIK) Muhammad Afzal Parray said: “Allowing foreign investors in J&K’s retail sector would be the last nail in the coffin of already beleaguered economy of the state. As lots of people of state are involved in retail sector, they will be ruined by the arrival of the foreign retail giants.”
Parray said: “We appeal to the state government to encourage and financially assist local traders instead of bringing in foreign retail chains to J&K.”
Lastupdate on : Sat, 26 Nov 2011 21:30:00 Makkah time
Lastupdate on : Sat, 26 Nov 2011 18:30:00 GMT
Lastupdate on : Sun, 27 Nov 2011 00:00:00 IST
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