Published On : Tue, Jun 11th, 2013
Business News | By Nagpur Today Nagpur News

FDI in retail, CAIT welcomes govt’s clarifications

Nagpur News: While reiterating its demand to withdraw current notification of allowing foreign direct investment (FDI) in retail, the Confederation of All India Traders (CAIT) has welcomed the clarifications issued by the Department of Industrial Policy and Promotion regarding FDI in multi brand retail.

The general secretary of CAIT Praveen Khandelwal said, “The government has come out finally with a set of clarifications that puts the country’s interests first. The policy formulation had too much ambiguity. It is important now that the government stick to these regulations and not succumb to corporate and foreign lobbies and change these rules.”

“We urge the government to review the entire FDI in retail policy and withdraw the notification in and held consultation with retail stakeholders. Efforts should be made to upgrade and modernise the existing retail trade and as such the Central government should bring a National Trade Policy for Retail Trade,” added Khandelwal.

The national president of CAIT B C Bhartia said, “The direction on back-end infrastructure and no easy back-door entry by just buying up existing corporate retailers etc. are all necessary to be true to the policy notified earlier. CAIT is not in favour of FDI in retail and we continue to hold that the policy is not in the interest of the country. At least now the government has issued clarification on some of the vexing issues.”