Opposing the suggestion of Committee of Secretaries to allow 51 per cent FDI in multi-brand retail, the Confederation of All India Traders today said the move will adversely affect "crores" of small shopkeepers.

"CAIT will hold a protest dharna at nearly 100 paces in different states of the country on July 26," the traders association said in a statement.

The Committee of Secretaries (CoS) in a meeting yesterday agreed to allow foreign investment in the politically-sensitive sector. However, the proposal requires cabinet approval.

"... (the move) will adversely affect crores of shopkeepers and also badly hit people who are dependent upon retail trade for their livelihood," CAIT National President B C Bhartia said.

The Association alleged that the CoS recommendations came after strong lobbying by the global retailers and domestic corporate houses.

"The CAIT delegation will soon meet leaders of political parties and chief ministers of all the states...to apprise them about the apprehensions and concerns of the trading community," it said.

ALSO READ Now get up to 75% of gold value as loan

Please read our terms of use before posting comments