Traders say 51% FDI in retail will hurt them, organise protest rally Starting noon today, traders at the Agriculture Produce Market Committee (APMC) in Vashi will shut shop to mark their opposition to the proposed 51 per cent Foreign Direct Investment (FDI) in the multi-brand retail sector. Kirti Rana, president of the Maharashtra unit of Confederation Of All India Traders, said, "The committee of secretaries headed by the Cabinet Secretary has recommended allowing 51 per cent FDI in multi-brand retail. But it will hurt businesses of retailers across the country. u00a0 To protest the move, we are going to keep the market closed after 12 pm on August 10. We will try our best so the common man may not be affected by our protest." A protest march has been organised at noon. The traders said that they would intensify the protest if the Centre allows the FDI in retail. u00a0 Shankar Pingle, director, APMC (Vegetables), said, "The protest begins at 12 pm so supply of vegetables and fruits should not be not affected. However, we will remonstrate vigorously if the government forges ahead with the move." However, the supply is likely to be affected as many transport companies are also expected to halt services. u00a0 The trader community says the government is arguing erroneously that cold storage capacity exceeds the estimated annual production. u00a0 "The govt is ignoring the fact that 180 million MT of fruits and vegetables (actual production) aren't harvested once or twice a year but throughout the year? It seems like a conspiracy to favour multinational companies," said Rana,u00a0 adding, "It will affect small and medium traders and cause massive unemployment. Neither farmers nor consumers will be benefited."

Traders say 51% FDI in retail will hurt them, organise protest rally

APMC to shut shop at noon today

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Mumbai / Mumbai News / Article / APMC to shut shop at noon today

APMC to shut shop at noon today

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast