Traders body says no to FDI in retail

Traders body says no to FDI in retail
The Confederation of All India Traders (CAIT) on Tuesday opposed the FDI proposal in the retail sector, and wants the government to come up with a solid policy framework to support India’s retail traders.

Speaking at the Centenary Trade Meet organised by the Federation of Karnataka Chambers of Commerce & Industry (FKCCI), CAIT national secretary general Praveen Khandelwal said that Indian traders should take up challenges of the changing need of the time.

“We have already approached the government declaring our opposition in allowing FDI in retail sector. ECommerce companies are already doing hyper local service, even within the purview of the law. We want a level-playing field for traders too,” he said.

Khandelwal pointed out that traders include six crore entrepreneurs giving employment to 46 crore workers and contributes 45 per cent of GDP with Rs 39 lakh crore. “Even after that we do not have a separate ministry for internal trade. Even though states like Andhra Pradesh and Maharashtra came up with retail policy, which will pave the way for mall culture, we want the central government to come up with a solid retail policy,” he said.

Khandelwal also exhorted the traders to the changing landscape of the business with the advent of mobile.

“We should understand the customer preference and transform ourselves to cope  with the situation. It is going to be a cashless business model throughout the globe as it will bring efficiency,” Khandelwal said.

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