By IANS,
Chennai : Foreign Direct Investment (FDI) in retail will be a tsunami that will hit the country’s economy badly, said DMK president and former Tamil Nadu chief minister M.Kaunanidhi Monday.
In a statement issued here, Karunanidhi urged the central government to withdraw its proposal of allowing FDI in multi-brand retail outlets, and said Indian economy would face a tsunami-like situation due to it.
“It is dangerous to allow FDI in retail sector as it would affect lakhs of small traders, poor and middle class consumers,” he said.
He said DMK has been opposing FDI in retail even when it was originally mooted.
The DMK is a key member of the United Progressive Alliance (UPA) government at the centre and party MP and Karunanidhi’s son, M.K. Alagiri is a cabinet minister.