Traders protest against entry of retail chains

Traders on Sunday vowed to oppose entry of multi-national retain chains in the country.

New Delhi, Sep 2 : Traders on Sunday vowed to oppose entry of multi-national retain chains in the country.

Hundreds of traders from different parts of Uttar Pradesh staged a daylong protest in the national capital.

"Wal-Mart, Reliance, Tata - these big corporate houses by opening big malls and wants to ruin the small retailers. They should be driven out, so as to safeguard the small retailers," said Neki Ram Garg, leader of the small retailers.

Demands of the traders include a total review of the policy, stating advantages to retail trade, economy and revenue with entry of corporate houses in retail and framing of a national policy on retail trade and small and medium industries.

Foreign multiple brand retailers in India, one of the world's fastest-growing consumer markets, are limited to cash-and-carry and franchise or license operations.

But the move has led to massive protests amid fears the retail giant will put family-run small stores out of business.

"We will not let the control of the economy and trade of the country go into the hands of the corporate houses. This is our firm decision, our firm resolve," said Praveen Khandelwal, secretary general of the Confederation of All India Traders (CAIT).

India's retail industry, valued at nearly 350 billion dollars, is forecast to double in size by 2015.

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.

ANI