KTMF opposes FDI decision

The Kashmir Traders and Manufacturers Federation (KTMF), apex body of the valley traders, today strongly opposed the decision to allow 51 per cent Foreign Direct Investment (FDI) in multi-brand retail and 100 per cent FDI in single brand retail.

President, KTMF, Mohammad Yasin Khan, told News Agency that come what may, “We will not allow FDI to open outlets in Kashmir.” The KTMF is in consultation with all the district members to chalk out a protest program in case the government didn’t rollback the FDI decision. Khan said, “We are thinking of coming out on the roads. We will come out with a strong program to oppose it tooth and nail.”

The traders here are upset over the center government’s decision of opening up FDIs in the retail market segment. “This would ensure that the local traders are not allowed to prosper and are crippled to a larger extent,” Yasin Khan said. On the strategy to oppose the decision, Khan said, “We can go to any extent to stop this in the valley.”While reacting to the recent remarks the chief minister of Jammu and Kashmir, Omar Abdullah; President, KTMF appealed him not to support the move as it would hamper the local traders of the state. He also urged the state government not to become shareholders of New Delhi in its anti people decision on FDI, adding the coalition government in J&K should discourage such decisions in the interest of its people.

Many traders here believe that the move would leave them out of their businesses. “Big foreign brands would wipeout us from the local markets. The decision in no way would be beneficial to the local economy, it would do good to the foreign companies only,” said a local trader, Nissar Ahmad.

According to a banker here, Sajid Ahmad, the decision can destroy the livelihood of tens of thousands of small retailers in India, adding J&K is no exception to this and would also bear the brunt in view of its vast chain of retailers operating across its towns and villages. “Since the state is primarily consumer state, the FDI here will hit thousands of retailers, who have set up enterprises in the wake of growing joblessness squeezing job avenues in government sector”, Ahmad said. He said small retail has been virtually wiped out in the developed countries like the US and Europe, the fall out of which is quite visible in these countries in the shape of galloping unemployment and widening gap between the microscopic rich and vast poor. The unrest among the youth world over is largely due to such policies, he said and accused the UPA government of succumbing to the foreign pressures due to its own weaknesses.