CAIT to oppose FDI in retail 'tooth and nail'

From: Fibre2fashion
publisher: Wendy Wang
Time: 2016-01-12
Summary: The Confederation of All India Traders (CAIT) has strongly objected to the suggestion made by industry bodies to Government for allowing FDI in multi brand retail and also allowing corporates in agricultural farming. " Any step to allow FDI in multi brand retail will be opposed tooth and nail,” CAIT Secretary General Praveen Khandelwal said in a press release.
The Confederation of All India Traders (CAIT) has strongly objected to the suggestion made by industry bodies to Government for allowing FDI in multi brand retail and also allowing corporates in agricultural farming. " Any step to allow FDI in multi brand retail will be opposed tooth and nail,” CAIT Secretary General Praveen Khandelwal said in a press release.

CAIT National President B.C.Bhartia said that BJP and other political parties except Congress had supported the traders in their movement against FDI in retail during UPA regime and categorically assured the trading community that no FDI will be allowed in retail trade. The then BJP President Rajnath Singh even went to the extent in saying that in event of BJP coming to the power, the current notification of allowing 51 per cent FDI in multi brand retail will be withdrawn. The promise was even enshrined in BJP's 2014 election manifesto. Under the circumstances, the trading community expect the Government not to allow FDI in retail, CAIT said in the release.

It said that at a Traders Conference held in Nagpur by CAIT on January 5 and 6, more than 200 trade leaders from different states unanimously adopted a resolution demanding that in pursuance of committed stand of the BJP, no FDI should be allowed in retail trade of India and instead the Government should formulate a policy to upgrade and modernise the existing retail trade to meet the global challenges.

It has also demanded that specified policy must be framed for e-commerce business in India. CAIT has alleged that e-commerce have twisted the FDI policy to represent themselves as marketplaces while selling directly to consumers, which under the FDI policy, they cannot do.

On January 7, industry bodies including CII and FICCI had the government to ease FDI norms, especially in sectors such as multi-brand retail, education and e-commerce.

The demands and suggestions of industry chambers came at a pre-Budget meeting with Commerce and Industry Minister Nirmala Sitharaman and officials in New Delhi. (SH)

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