Left steps opposition against retail
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Home / India News / 2007 / May 2007 / May 30, 2007
Left steps up opposition against retail giant Wal-Mart
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Left steps up opposition against retail giant Wal-Mart

The Communist Party of India (Marxists) (CPI-M), which supports the ruling coalition, has urged the Centre to establish a licensing system for organised retail business and prevent the entry of foreign players like Wal-Mart.

New Delhi, May 30 : The Communist Party of India (Marxists) (CPI-M), which supports the ruling coalition, has urged the Centre to establish a licensing system for organised retail business and prevent the entry of foreign players like Wal-Mart.

"We have argued for a licensing system for the entry of organised sector into the retail trade. We have set out broadly what we think should be the method and nature of this licensing. And besides this licensing we would also like prevention of monopolies developing in retail," CPI-M, general secretary Prakash Karat told reporters here.

He also reiterated that the Government should abandon moves to permit foreign investment in the retail sector through a 'backdoor' entry.

"Earlier also our party had decided that such sort of tie-ups should not be done. It would be a back door entry into the retail trade by Wal-Mart," Karat added.

Bharti group and Wal-Mart aim to set up an equal joint venture for cash-and-carry business in the country's fragmented 300 billion dollars retail industry.

The sector is dominated by small family-run stores and is predicted to more than double in size by 2015.

ANI

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