FINANCIAL INCLUSION & POLICY FOR TRADERS IS MUCH NEEDED- MODI

Gujarat Chief Minister Shri Narendra Modi will inaugurate an All India Traders Convention on 27th Feburary, 2014 at New Delhi. The Convention is being organized by the Confederation of All India Traders (CAIT) on 27th and 28th February, 2014 which will be attended by thousands of traders from all States of the Country.

A delegation of the CAIT led by its National Secretary General Mr. Praveen Khandelwal met with Shri Modi at Ahmadabad in his office yesterday and discussed various issues pertaining to trading community while extending an invitation to him to inaugurate the Convention. Beside Mr. Khandelwal , CAIT National Chairman Mr. Mahendra Shah, CAIT Gujrat Chapter Convenor Mr. Jayendra Tanna, CAIT Gujrat Chapter President Mr. Parmod Bhagat & CAIT Natioanl Treasurer Mr. Vijay Budhiraja & others joint the delegation.

The CAIT has invited senior leaders of prominent different political parties at national and regional level including Congress Vice President Mr. Rahul Gandhi, leaders of BJP, CPM, CPI, AIADMK, DMK, JD (U), TMC, RJD, BSP, SP etc to the Convention.

Mr. Modi while agreeing to inaugurate the Convention said that traders of the Country are real back bone of the economy and needs to be strengthening to ensure a sound national economy. He agreed with the delegation that a National Trade Policy for the trading community is essential to ensure its comprehensive growth coupled with up gradation and modernization. Mr. Modi while refereeing to recent report of a RBI panel headed by Dr. Nachiket Mor said that almost 90% small business and low income group in the Country do not have any link with formal banking and about 60% of urban and rural small businesses and low income group do not have any functional bank account. Therefore, there is an immediate need to look in to this issue efforts are needed to provide any viable financial mechanism to small businesses and low income group to facilitate them to obtain much needed financial assistance without any much hurdle.

Mr. Modi while talking to the delegation also expressed the view that keeping into consideration the complexity of the taxation system, there is a need to simplify and rationalize the existing tax structure where traders can be taken out from the clutches of paper formalities and simultaneously by widening the tax base much more revenue may be generated for the Government.