In a statement issued here on Wednesday, Ve.Govindarajalu, state general secretary of the federation, criticised Mr.Obama’s statement.

Taking exception to US President Barack Obama’s recent remarks that India prohibited foreign investment in too many sectors, Tamil Nadu Traders Federation has said the trading community would strongly oppose any attempt to allow FDI in retail sector in the country.

In a statement issued here on Wednesday, Ve.Govindarajalu, state general secretary of the federation, criticised Mr.Obama’s statement and alleged that it was nothing but an attempt to promote US hegemony in the Indian retail sector.

The Federation, he said, had always contented that the Centre’s attempts to allow FDI in retail sector was made at the behest of the US and Mr.Obama’s statement has come as a vindication.

The Food Safety and Standard Act was just a forerunner to allow FDI in retail sector and the trading community would stiffly resist the Centre’s efforts in the direction, he said. The Federation, in consultation with other traders’ bodies, would soon launch agitations against all such moves, he added.

Keywords: FDIretail sector

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