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Don’t permit FDI in retail in small businesses’ interest, BUVM tells PM

In a letter addressed to India’s prime minister Manmohan Singh, the Bharatiya Udyog Vyapar Mandal (BUVM) has stated that using foreign direct investment (FDI) in India’s multi-brand retail business as a ruse, multi-national corporations (MNCs) – which have the Centre’s permission to set up shop in the country with relaxed norms – are forcing local small and medium businesses to down their shutters. It further urged him not to permit the same in India.

“Establishments in the country’s retail sector – estimated at five crore – and the cottage industries span from the desert of Rajasthan to the peaks of the Himalayas, and take care of the daily needs of the common man by making essential commodities available at affordable prices. The retailer is not expecting any sort of help, but by encouraging the MNCs, which is not in the nation’s interest, the government is bent upon stopping small retailers from earning their livelihoods,” it said.

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