While reiterating its demand to withdraw current notification of allowing FDI in Retail, the Confederation of All India Traders (CAIT) has welcomed the clarifications issued by the Department of Industrial Policy and Promotion regarding Foreign Direct Investment in Multi Brand retail.
Speaking in response to the clarifications issue, Praveen Khandelwal, Secretary General, CAIT 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.”
B C Bhartia, National President, CAIT said, “The conditions on sourcing from SMEs, the direction on back-end infrastructure and no easy back-door entry by just buying up existing corporate retailers … these 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.”
Khandelwal further said, “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 Government should bring a National Trade Policy for Retail Trade.”
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