Dozens of traders staged a 100-hour long sit-in here today to protest against entry of corporate chains in retail business.
New Delhi, Sept 11 : Dozens of traders staged a 100-hour long sit-in here today to protest against entry of corporate chains in retail business.
Traders shouted slogans against Reliance Industries and international giant Wal-Mart that are poised to enter organised retail in a big way.
The protestors said the giants would take away the livelihood of millions of small retailers and others in allied businesses.
"There are about 40 million retailers in the country. About 20 million are in allied businesses giving employment to another 20 million. About 10 million work as labourers, who do loading and unloading work. This way, about 90 million are employed in the sector. If we count four members per family, it (the retail business) is feeding around 360 million. Do these big corporate houses want to snatch their source of sustenance?" asked Shyam Behari Lal, one of the protestors.
Opening up the country's fragmented retail industry to the corporate has triggered opposition from some political parties and retailers, who fear massive job losses.
Demands of the traders include a total review of the policy, stating advantages to retail trade, economy and revenue with the entry of corporate houses in retail; and framing of a national policy on retail trade and small and medium industries.
Foreign multiple-brand retailers are limited to cash-and-carry and franchise or license operations in India.
India allows foreign single-brand retailers to take up to 51 percent in a joint venture with a local firm, while multiple-brand retailers like Wal-Mart are limited to cash-and-carry, or wholesale, and franchise deals.
India's retail industry, valued at nearly 350 billion dollars, is forecast to double by 2015.
ANI