UP traders oppose proposal of FDI in retail

In the backdrop of the raging debate over Foreign Direct Investment (FDI) in retail, Uttar Pradesh traders on Thursday reiterated their stiff opposition to the proposal.

The traders under the banner of Akhil Bharatiya Udyog Vyapar Mandal (ABUVM) maintained FDI in retail would spell death knell for the small time retailers.

A ‘Vyapar Bachao, Desh Bacho Rath Yatra’ by the Mandal is already underway in the state to galvanise the support of traders and create awareness towards the issue.

Over the past weeks, the ‘rath yatra’ has covered about 3,000 km spanning 42 districts of the state and the rest of the regions would be touched in coming days.

“We are running similar campaigns in other states, including Delhi, Haryana and Madhya Pradesh to bring traders on common platform over the issue as retail sector touches the lives of millions of Indians,” Mandal president Sandeep Bansal told Business Standard.

We have submitted memorandums to about 325 members of parliamentarians across party lines to seek their support.

The traders are pressing for their 27 charter of demands from the central and state governments, including uniform Value Added Tax (VAT) rate across India, rising petroleum prices, corruption, constitution of a high-powered committee for traders, traders’ pension, waiver of license/quota permit etc.

Meanwhile, another outfit Lucknow Vyapar Mandal has announced to burn the effigy of multinationals here on November 29 to protest the proposal of FDI in retail.