A parliamentary panel on Tuesday asked the government to set up a Retail Regulatory Authority to deal with issues concerning foreign direct investment (FDI) in the multi-brand segment and cautioned that the unregulated entry of foreign giants could create joblessness.
We have recommended a regulatory authority to look into the problem (impact of FDI in multi-brand retail on MSMEs), Tiruchi Siva,DMK leader and chairman of the Parliamentary Standing Committee on Industry,told reporters here.
Reacting to the suggestion to set up a regulatory authority for retail,commerce and industry minister Anand Sharma said these are executive functions.
…these are the executive functions. These are not functions to be dealt by the Standing Committees, Sharma told reporters here.
According to Siva,if multi-brand retail chains are not regulated well,it will impact medium,small and micro enterprises (MSMEs),farmers and domestic mandis.
Once…mandis are eliminated,the big foreign retail giants will manipulate prices and our farmers will be forced to sell their products at low prices dictated by them (foreign retailers),the panel said in a report.
Our own squeezed out retailers and all those associated with the market and retail trade would lose their livelihood and become jobless.
Taking serious note of the implementation of sourcing norms,the committee suggested the 30 per cent procurement requirement should be applicable item-wise.