The panel has expressed concern over the adverse impact of unregulated entry of foreign retail giants on medium, small and micro enterprises (MSMEs), farmers and domestic mandis.

The Parliamentary Standing Committee chairman Tiruchi Siva told PTI that the group has recommended a regulatory authority to overlook impact of FDI in multi-brand retail on MSMEs.

"Our own squeezed out retailers and all those associated with the market and retail trade would lose their livelihood and become jobless. It will add to our already existing social and economic woes, which generate so much unrest and violence," Siva remarked.

Siva believes that regulation of multi-brand retailers will curb the exploitation of consumers and farmers.

However, Commerce and Industry Minister Anand Sharma noted that setting up of such a body is an executive decision and standing committees are not expected to deal with these issues.