NO TO FDI IN RETAIL IN BJP MANIFESTO WELCOMED BY TRADERS RETAIL TRADE WILL BE LIBERATED FROM CLUTCHES OF MNC’S & CORPORATES-CAIT

The Confederation of All India Traders (CAIT), apex body of the business community of the Country has welcomed the stand of BJP in saying a clear cut No to FDI in Retail in its poll manifesto released here today at New Delhi. The CAIT has hoped that if BJP is voted to power in current elections it will not hesitate to rescind the current notification of FDI in Retail as already committed by BJP leadership time and again in the past. The CAIT has complimented the BJP leadership for inclusion of various issues raised by CAIT in its poll manifesto.

CAIT National President Mr. B.C. Bhartia and Secretary General Mr. Praveen Khandelwal in a joint statement said that the steps taken by the BJP will go miles ahead in liberating the retail trade from the clutches of not only the MNCs but even from the vicious net of big corporate houses who were considering the retail trade as a profit centre by entering into partnership with MNCs. This unhealthy circle encouraged and promoted by the present UPA Government will certainly come to an end.

Both Mr. Bhartia and Mr. Khandelwal said that the CAIT is preparing a comparative chart of different political parties stating their stand on trader’s issues and the same will be released very shortly. They further said that the said comparative chart will also be sent to more than 20 thousand trade associations across the Country which will enable the traders to take a decision whom to support in current poll battle.

Both Mr. Bhartia and Mr. Khandelwal beside FDI in Retail, the BJP has also committed to review obsolete and multiple laws to reduce and simplify them beside ensuring easy availability of institutional credit. It has also affirmed to simplify and rationalise the tax structure and to dispense multiple license system and to upgrade and modernise the retail trade. The BJP has also affirmed to set up a strong regulatory framework for the non banking finance companies which on the one hand will provide ample opportunities to small traders to avail easy finance from NBFCs and will also protect the investors. The trade leaders said that these are some of the core issues being raised by the CAIT from time to time and their inclusion in BJP manifesto will certainly bring a cohesive and trade friendly atmosphere in the Country if BJP is comes to power.

There are more than 6 crore business enterprises in the Country which provides employment to more than 25 crore people while generating an annual turnover of more than 20 lakh crores of rupees and contributing nearly 15% to National GDP with an annual growth rate of 15%. The BJP decision on FDI in Retail is expected to have wider impact on large number of traders across the Country as far as current polls are concerned.