CAIT DELEGATION MET NIRMALA SITHARAMAN TODAY ON FDI IN RETAIL

Union Commerce & Industry Minister Mrs. Nirmala Sitharaman today assured a delegation of Confederation of All India Traders (CAIT) that Government is not considering to open FDI in retail trade. Regarding e-commerce business in India she said that e commerce is gaining its depth among the consumers and as is a more technology driven business format. States have a greater role to play in e commerce since it involves taxation jurisdiction which is under the domain of States. As such, much detailed discussion not only with the stakeholders but also with State Governments, Banks and other allied Agencies is very much required. She informed that she has already began the process of discussion. The CAIT has demanded formation of a policy for e commerce business in India

Earlier, the CAIT delegation presented a White Paper on FDI in Retail to Mrs. Sitharaman while demanding withdrawal of notification of allowing 51% FDI in Multi Brand Retail. The delegation was led by CAIT National Secretary General Mr. Praveen Khandelwal and consisting of Delhi MLA & CAIT Vice President Mr. Om Prakash Sharma, Mr. Suresh Bindal, President, Delhi Hindustani Mercantile Association, Mr. Satender Jain, National Secretary, CAIT, Mr. Pramod Aggarwal, General Secretary, Delhi Canvas Merchants Association and others.

Mrs. Sitharaman also appreciated the demand of CAIT for forming a National Trade Policy for Retail Trade and said that the she will certainly examined the issue. She also appreciated the role of small businesses in the economy of the Country and assured the delegation that Government will take all necessary steps to enhance entrepreneurial skills of small businesses and recent launch of MUDRA by Prime Minister Shri Narendra Modi is one such example of Government’s thinking towards small businesses..