TRADERS SHOCKED OVER GOVT NOD TO TESCO IN FDI IN RETAIL

The Confederation of All India Traders (CAIT) has expressed deep shock and utter dismay over the approval of FIPB in FDI in Retail investment between Tesco and Tata.

” It is an unjustified step of the Government which will harm the small retailers of the Country. The Government instead of upgrading and modernising the existing retail trade of India has chosen the route of laying red carpet for Multinational Companies in their bid to control and dominate the retail sector”-said CAIT President B. C. Bhartia and Secretary General Mr. Praveen Khandelwal in a joint press statement released here today at New Delhi.

The CAIT is committed to oppose any such policy and will do all within its might to make it one of the main Poll issue in forthcoming Loksabha Polls in 2014. To take stock of the current development and to decide the role of traders in forthcoming elections, the CAIT has convened a meeting of its National Governing Council on 10th and 11th January at Nagpur which will be attended by prominent trade leaders of different States from all over the Country.

The CAIT recalled that principal opposition party BJP, Left Parties and several other parties have made it clear in the past to reject present policy of FDI in Retail and accordingly the CAIT will impress upon all political parties to reiterate their stand in their respective Election Manifestos.