MNCs can generate employment opportunities for only a few thousand people.'

The Tamil Nadu Chamber of Commerce and Industry has, in a press statement, said Foreign Direct Investment (FDI) in retail trade in India would decelerate and not accelerate employment opportunities as claimed by Mr Narayanasamy in Tirunelveli. The Minister had claimed that FDI in multibrand retail would generate two crore additional employment in the next two years.

“Multi National Companies (MNC)s could generate employment opportunities for only a few thousand people.

For that, crores of self employed indigenous retailers who provide employment to many will be forced to close down their shops, unable to face the highly unhealthy competition from the MNCs”, said the release.

It further stated that the farmers would be affected due to monopolisation of the MNCs.

Therefore, the chamber insisted that the government should impose a blanket ban on foreign retailers from entering into retail trade in grocery, fruits and vegetables.

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