100% FDI in food processing to hit farmers & jobs: traders

Opposing the Budget proposal to permit 100 per cent FDI in food processing segment, traders body CAIT on Thursday said the move would adversely impact farmers and will result into mass unemployment. 

“Allowing foreign investment in any form of retail will have adverse impact on traders, farmers, hawkers, transporters, small industries and will result into mass unemployment,” Confederation of All India Traders (CAIT) said. Allowing FDI in food sector is nothing but a step in the direction of opening retail sector to FDI much against the declared commitment of not allowing foreign players in the retail sector, it said. “We strongly oppose this move of the government which will enable the global retailers to control, dominate and monopolise the food sector,” it said.