Published On : Fri, Feb 5th, 2016

CAIT called for top down bottom up approach in Union Budget

Nagpur: The Confederation of All India Traders (CAIT) has urged the Union Finance Minister to shift focus of Union Budget from Corporate to Non Corporate ” Sector and spell out policies with “Top down Bottom up” approach in order to exhilarate the economy. Small Businesses is Big Business and as such deserve support policies in Union Budget. The CAIT has also called for declaration of incentives in Union Budget to promote cashless economy in the Country thereby encouraging more usage of debit/credit cards-said CAIT.

There is a need to liberate reforms from Chicago School Milton Friedman thinking which rests on three pillars, supporting big business, MNCs and Big Capital. India’s non corporate sector is largest dis-aggregated business Eco-system of the World and therefore should be given due priority in the Budget. Growth in Indian economy can not be achieved through MNCs and Corporate houses and rather small businesses should be given due importance in Union Budget to make it as prime engine for growth -said CAIT.

CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal said that the focus in budget should be Top down for support policies, development, financial aggregation, regulation etc for non corporate sector and Bottom up for inclusion of this sector in upgradation and modernisation, community linkage, knowledge and providing opportunities to make use of their capabilities to optimum level.

Both Bhartia & Khandelwal said that explicit no to FDI in retail in any form and even in retail e-commerce, simplified GST taxation system, Making MUDRA as a regulator and developer for financial inclusion of small businesses, abrogation of outdated laws concerning domestic trade, Separate Laws and guidelines for E-Commerce and Direct Selling business, a National Trade Policy for Retail Trade, Free movement of goods all over the Country by developing India as one single market, are some of the core issues which deserves attention of Union Finance Minister in forthcoming Union Budget.

The trade leaders said that the non corporate sector has outperformed corporate sector in terms of GDP contribution, domestic manufacturing, employment and exports. With more than 6 crore business establishments, the sector is contributing 45% to National GDP and providing employment to about 46 crore people out of which about 26 crore are self employed. The sector produces value addition of Rs. 6.28 lakh crores per year. Nurturing the sector will positively impact the lives of the largest base of the Country barring Agriculture.