Confederation of All India Traders (CAIT) has said that foreign investments by MNCs will hijack the country's retail trade which would lead to closure of majority of small businesses and job losses for lakhs of people engaged in the sector. The CAIT has announced that any move to allow FDI in Retail will be stoutly opposed by the trading community across the Country. The CAIT has also thanked all political parties who have supported the protest against FDI in Retail.
CAIT Secretary General Praveen Khandelwal, Naresh Sirohi, General Secretary All India Kisan Morcha and Pradeep Singal, Working President of All India Transport Welfare Association jointly released two research books" Impact of FDI in Retail on Farmers and Impact of FDI in Retail on Road Transport".
CAIT while strongly criticizing the role and attitude of the Central Government on this issue said that entire political spectrum is opposing FDI in Retail whereas on the other hand the credible organizations of Traders, Farmers, Transporters, Labour Unions, SMEs and even the Consumer organizations are opposing the move, yet the Government is repeatedly advocating the need of FDI in Retail.
The CAIT holds firm view that instead of laying red carpet for MNC's, the government should focus on other corrective measures which needs to be taken to further strengthen the existing retail trade. Instead of inviting FDI in retail, the government should work out a comprehensive strategy to upgrade and modernize the existing retail trade.
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