Joint panel of govt, traders to look into FDI concerns

The government will form a joint group with traders to address concerns over FDI in multi-brand retail, traders' body CAIT's head Praveen Khandelwal said here today.

There was, however, no common ground between the government and the traders delegation as Commerce and Industry Minister Anand Sharma made it clear to them that there was no question of rollback of the decision to open the multi-brand retail to foreign investment.

Khandelwal, who led the traders' delegation which met Sharma, said the government has asked for their concerns in writing within a week. These issues will be looked into by the joint panel comprising three members each from the trade and the government.

The panel will include Secretary in the Department of Industrial Policy and Promotion PK Chaudhery.

Khandelwal leads the Confederation of All India Traders (CAIT) which spearheaded the traders' bandh yesterday in protest against the government's decision to allow foreign investment in multi-brand retail market which is dominated by small kirana shops.

Traders fear that with the entry of global retailers, like Wal-Mart and Carrefour, there would be large scale displacement of neighborhood kirana shops.

When asked whether traders will end the protest, Khandelwal said the issue would be decided by CAIT's national governing council which will meet in Nagpur on December 12-13.