Opposing the suggestion of Committee of Secretaries to allow 51 per cent FDI in multi-brand retail, the Confederation of All India Traders today said the move will adversely affect “crores” of small shopkeepers.
“CAIT will hold a protest dharna at nearly 100 paces in different states of the country on July 26,” the traders association said in a statement.
The Committee of Secretaries (CoS) in a meeting yesterday agreed to allow foreign investment in the politically-sensitive sector. However, the proposal requires cabinet approval.
“(the move) will adversely affect crores of shopkeepers and also badly hit people who are dependent upon retail trade for their livelihood,” CAIT National President B C Bhartia said.
The Association alleged that the CoS recommendations came after strong lobbying by the global retailers and domestic corporate houses.
