Published On : Mon, Dec 24th, 2018

CAIT demands loan waiver to traders also on the lines of farmers, industries


Nagpur: The Confederation of All India Traders (CAIT) on Monday strongly demanded loan waiver to traders as well on the lines of loan waiver extended to Corporate sector, big Industry and now farmers. CAIT said that traders constitute an important vertical of economy of the country and demanded that out of seven crore small businesses in the country those who have availed loans should also be given a loan waiver and benefits in tax collection. The CAIT has decided to launch a nationwide agitation on this issue. The traders’ body has convened a meeting of its National Governing Council on January 12 and 13 at Bhopal to decide future course of action.

The CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said that loan waiver is business of votes for the political parties and the Indian Constitution has never authorised any of the Government to give such uncalled for loan waiver and increase the NPAs of the banks. They said that loan waiver creates economic crisis and there is policy paralyses in the Government.

Crores of tax payers in the country contribute tax in hope of national and economic development and not for making discretionary loan waivers with no logical reasons. It is always better to make concerned section self dependent and strengthen enough so that such sector may not require any loan waiver. If at all political parties are more willing to make loan waiver they should utilise funds of their respective political party. About 7 crore small businesses in the country are generating an annual turnover of about Rs 42 lakh crores and only 4% small businesses could get loans and rest of the traders secure their loan requirements from other sources at a higher rate of interest. The traders deserve an economic package to survive their businesses. The CAIT will launch a wide nationwide campaign on this crucial issue, the they warned.

Both Bhartia and Khandelwal said that the trading community in the country is collecting taxes on behalf of the Government without any remuneration whereas on the other hand the traders are forced to face complicated tax system, penalties, expenses on collecting taxes and unfortunately at the time of any natural calamity, the traders have to suffer huge losses but not even for once loan waiver or assistance has been given to traders whereas every year the farmers being made lame by giving loan waivers.

The trade leaders said that traders have not committed any crime and therefore they should also be given loan waiver like other sections. The traders are contributing greatly to national exchequer and providing employment in the country. So far no Government has ever given any economic package to traders, Bhartia and Khandelwal lamented.