Small business owners in India are mad as hell about the government’s new foreign retail policy, so they’re going on strike.
Last week the Indian Cabinet decided to increase the single brand ownership cap from 51% to 100%, which would let big name retailers like Walmart, Ikea, Tesco and Carrefour to come into the country.
Since 90% of India’s retail market are mom-and-pop shops, the decision could ultimately wipe out thousands of jobs, but the government doesn’t see it that way.
Rajiv Kumar, secretary general of the Federation of Indian Chamber of Commerce, argues:
├óΓé¼┼ôFDI in retail will be a game-changer like [deregulation of] telecom. I see only a positive impact on employment.”
Those protesting are demanding Parliament vote on the issue, but there’s a good chance that won’t happen.
[Image via AP Images.]
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