Corporate greed behind decision on FDI in retail: CAIT.

New Delhi: Traders' body CAIT on Thursday alleged that "corporate greed" has played a role in government allowing foreign investment in the retail sector.

"The organised corporate forces try to control and capture all possible sources of economy. The current decision to allow FDI in retail too is a result of corporate greed," said Confederation of All India Traders (CAIT), the apex body of trade associations.

Releasing a book titled 'FDI in Retail Trade of India--Assumptions vs Facts', it said, "Those favouring FDI (foreign direct investment) in retail have in a clandestine manner convinced the government about the benefits and needs of FDI..."

But no opportunity was given to traders to put forward their views and grievances, CAIT alleged.

"Such kind of differential treatment smacks of some kind of conspiracy to hijack retail trade of India," it said.

Traders also called for measures to strengthen the retail trade which employs over 22 crore people.

"Our government instead of making reforms in unorganised retail sector is trying to create a rift in harmonious society (producer-transporter-trader-consumer)."

The book contains arguments of various political parties, ministers, industry chambers, trade organisations and journalists on the issue of FDI affecting farmers, small retailers and consumers.

In November last year, the government allowed 51 percent FDI in multi-brand retail and 100 percent FDI in single-brand retail.

Following widespread opposition, including from its own allies, the Government suspended its decision to allow 51 percent FDI in multi-brand retail.

Source : zeenews.india.com