New Delhi, Jan 10 (IANS): Calling it a "serious matter" for small businesses, the Confederation of All India Traders (CAIT) on Wednesday strongly opposed the approval to 100 per cent foreign direct investment (FDI) in single brand retail trading.

Condemning the Modi government's "love for MNCs", CAIT Secretary General Praveen Khandelwal said the move would facilitate easy entry of MNCs in retail trade and leave a large number of people jobless.

He said in a statement that the CAIT would soon declare a nationwide trategy to oppose the "brutal move" by the government.

"It's a serious matter for small businesses," he said, adding the move was in a violation of the election promise made by the Bharatiya Janata Party.

"It is a pity that instead of formulating policies for the welfare, upgradation and modernisation of existing retail trade, the government is more interested in paving the way for the MNCs to control and dominate the retail trade of India," he said.