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FDI in retail will severely affect farmers, traders: Jaitley

Posted on Dec 06, 01:57PM | UNI

Leader of the Opposition in the Rajya Sabha Arun Jaitley today said foreign direct investment (FDI) in multi-brand retail sector will severely affect crores of farmers and small traders of the country.

"Four crore people are directly employed under retail trade and about 18-20 crore people are dependent on retail trade sector for their livelihood. FDI in retail will badly affect this section," Mr Jaitley said while initiating the debate on a motion moved against the Congress-led UPA's decision allowing 51 per cent FDI in multi-brand retail.

The motion "that this House disapproves the decision of the government to allow FDI in multi-brand retail sector" was moved by AIADMK's V Maitreyan and others under Rule 168 which entails voting.

Mr Jaitley said FDI in multi-brand retail will also affect 51 per cent population of the country which were self-employed.

The senior BJP leader alleged that the UPA government has lost majority and most of the political parties were opposing FDI in retail.