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| CITU protests against FDI decision | | Will not allow MNCs to exploit our economy: Tarigami | |  EARLY TIMES REPORT
Jammu Dec 1: Centre of Indian Trade Unions (CITU) today took out a massive protest rally to oppose the Union Cabinet decision allowing FDI in multi brand retail. Hundreds of CITU activists holding placards and banners participated in the rally that took off at Bikram Chowk and concluded at City Chowk here.
Addressing the ralliest State President of CITU and MLA Mohammad Yousuf Tarigami, termed the decision anti-people depicting callous attitude of the central government vis-à-vis 4.4 crore retailers of the country and poor people as a whole. MLA Kulgam said FDI will snatch livelihood of small retailers countrywide including in Jammu and Kashmir where thousands of shopkeepers and retailers have opened up their ventures as their livelihood means.
The Trade Union leader feared that Jammu and Kashmir like other states of the country has the highest shopping density with several lakh youth dependent on the retail trade, adding FDI will tell upon their livelihood, which will increase unemployment further. He said giant MNCs like Walmart tend to exploit economies in procurement, storage and distribution to displace domestic retail chain completely.
“The net result is monopoly of retail trade by a few MNCs which gives rise to a relationship in which a few buyers have a large number of sellers available”, he said adding the arrangement provides the basis for an increase in margins at the expense of price paid to producers or charged to consumers to the detriment of farmers.
He said the decision will thus ruin the lives of millions of retail traders and people engaged in the trade as well as the farmers due to the monopoly of MNCs on retail trade and lack of regulatory mechanism. He said CITU will continue its struggle till the anti-people decision is rolled back.
Earlier the activists within the sloganeering against the UPA government for its anti-people decision, demanded its immediate roll back and cautioned the state government not to make sell out of the retail trade in Jammu and Kashmir.
General Secretary CITU Om Prakash, Regional Secretary CPI(M) Sham Prasad Kesar, Romesh Chand, among others addressed the rally and pledged to support the struggle of traders in getting the decision rescinded. They also highlighted the disastrous implications of the foreign companies on the economic sovereignty of the country.
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