Traders’ body CAIT condemns CII for advocating FDI in retail

Source: The Hitavada      Date: 13 Dec 2018 11:48:26


Business Bureau,

THE Confederation of All India Traders (CAIT) strongly condemned the demand of Confederation of Indian Industry (CII) for allowing 100% FDI in multi brand retail made on Tuesday while releasing a report on National Retail Policy. “ The CIIis a mouth piece of MNCs and corporates who are destined to captureand monopolise theretail trade of India.

Its demand for allowing FDI in multibrand retail is to keep such companies in good humour as they are funding CII,” said CAIT. CAIT National President B C Bhartia said, “CII is the organisation of big players and retail trade is not its core constituency and therefore it has no locus standing to poke its nose into retail trade of India. It is interesting to note that the report is prepared in association with a foreign company AT Kerney which obviously will forward and advocate the agenda of multinational companies (MNCs).Itis none of the business of CII to speak for retail trade and it will be better if it keep itself to the issue of corporates.”

FDI in multi brand retail is a crucial issue affecting livelihood of crores of people in the country and as such passing remarks are not warranted at all. “We will leaveno stoneunturned in ensuring that FDI in retail is not allowed,” he said. CAIT Secretary General Praveen Khandelwal said,whos o ever advocate FD Iwill have to face the ire of the traders ofthe country. CAIT and 7 crore small businesses will strongly oppose any move of allowing FDI in retail.

As far as linkage of modernisation of retail trade is concerned as spelled out by CII, it is all the more necessary for the Government to draft a policy and parameters and provide assistance to traders in upgrading and modernising their existing retail trade format and traders are capable enoughtoadopt and accept it. “We do not want sermons or recommendations of anybody,” he said.