'FDI will affect 1 crore small traders in TN'

Published: 30th July 2013 08:06 AM  |   Last Updated: 30th July 2013 08:06 AM   |  A+A-


Stressing that Foreign Direct Investment (FDI) is a bane for India, Vikramaraja, president of the Tamil Nadu Vanigar Sangankalin Peramaippu, said that it should not be encouraged in any sector.

Speaking on the sidelines of a function to distribute cash awards to students who had secured high marks in the board examinations at an event organised by the Triplicane Traders Association here on Sunday, he criticised the recent announcement by the government to increase FDI in the defence and telecom sectors.

“Allowing FDI in crucial sectors such as defence and telecom is a threat to our national security,” he said.

When asked about FDI in retail trade, he said the move would affect about seven crore small traders throughout the country, including one crore in Tamil Nadu.

“Initially, they claimed the Multi National Companies (MNC) would set up shop only in cities with a population of 10 lakh and above. Now, we understand that MNCs can launch their business anywhere in the country. That would ruin small traders,” he added. Vikramaraja said that single brand retail with 100 per cent FDI had already affected 10 to 15 per cent of small traders in India.

Asked about the prospects of enhancement of job opportunities for locals as a benefit for opening up the retail sector to FDI, he said, “Walmart has 8,500 stores across the world, employing about 21 lakh workers. Of them, only 11 lakh are on payrolls. This is the employment credibility of Walmart.”

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp