“The statement of Union Commerce Minister Mrs. Nirmala Sithraman about considering repealing of 51% FDI policy for retail is a timely step of the Government and we welcome this statement”-said the Confederation of All India Traders (CAIT) which has spearheaded movement against FDI in Retail in the past. It is a much awaited statement which is in line of BJP manifesto and announcements made by several BJP leaders prior to elections in 2014.
CAIT National President Mr. B. C. Bhartia & Secretary General Mr. Praveen Khandelwal while appreciating the statement of Mrs. Sitharaman said that said notification issued by UPA Government was a part of a conspiracy to handover retail trade of India to MNCs as loud protests and gross resentment of the Country was overlooked by UPA. The repealing of the notification will meet the ends of vision of Prime Minister Mr. Narendra Modi for strengthening small business in India. Her firm statement that she is not going to entertain any proposal on multi brand retail has generated more confidence among trading community in Modi Government.
In a communication sent today to Mrs. Sitharaman, the CAIT has said that Indian retail trade is highly fragmented and for attaining an inclusive and conclusive growth, the entire retail sector needs to be structured and monitored and as such the above steps will meet the desired objective. The CAIT has urged the Commerce Minister to formulate a National Trade Policy for Retail Trade, Specific Act, Rules & Regulations for E Commerce, Specified legislation for Direct Selling Business in India and review of Laws, Acts, Rules & Regulations governing retail trade.