Retail biggies may stifle local traders – TN Chamber
16 Jul '07
1 min read
As the major industries and big business houses are pouring in Southern part of India, Tamil Nadu Chamber of Commerce and Industry is showing concern about traditional retail trades which are largely present in the local area.
S Rethinavelu, President, of Tamil Nadu Chamber of Commerce, while attending a press conference said that if Union Government permits the entry of Foreign Direct Investment (FDI) or corporate players, the local retail sector which is estimated at Rs15 lakh crore, would face a set back.
According to Rethinavelu, although the FDIs would speed up modifications in the retail sector and encourage domestic mid-sized players, small traders would find it difficult surviving these circumstances.
The President opined that Government must to pay attention to this situation and draw reservation policy assigning certain products exclusively for retail traders. Also establish separate legislation for small and medium retailers and can come up with innovative programmes such as cluster approach to boost retailers. They should be provided with credit facilities at low interest rates.
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