SP to protest against FDI in retail

Lucknow, Nov 25 (PTI) The UPA government's decision of allowing 51 per cent FDI in multi-brand retail will lead to unemployment and "adversely" affect local traders, the Samajwadi Party today said. "I don't know where the Congress government is taking the country. The decision (to allow FDI) will adversely affect local traders and increase unemployment," SP supremo Mulayam Singh Yadav told party workers at a programme here. Remembering prominent socialist leaders Raj Narain and Ram Manohar Lohia, he said that had they been alive, they would have resorted to non-violent agitations for farmers' rights. "If Raj Narain and Ram Manohar Lohia were alive today they would have started satyagraha," he said. The Centre yesterday allowed 51 per cent foreign investment in multi-brand retail, paving way for global chains like WalMart, Carrefour and Tesco to open mega stores in 53 major cities. The Cabinet also decided to remove the 51 per cent cap on FDI in single brand format under which companies in food, lifestyle and sports business run stores. Yadav said to protest the decision, it was the need of the hour to reach the masses and initiate agitations. Party state president Akhilesh Yadav said the SP would play a key role in protesting the FDI decision.