CAIT reveal its economic agenda for next Government

New Delhi, April 14, 2014: Having an eye on the incumbent Government at the Centre, the Confederation of All India Traders (CAIT), apex body of the trading community of the Country has began the exercise of bringing core issues of the trading community at the centre stage in its bid to find place on priorities of the next Government irrespective of the party who gets peoples mandate. The CAIT has already released its Traders National Charter on February 27 this year at New Delhi at its national convention which was inaugurated by BJP Prime Ministerial candidate Narendra Modi and was also participated by leaders of different political parties including Union Law Minister Kapil Sibal.

At a press conference held today at Nagpur, the CAIT National President B. C. Bhartia and Secretary General Praveen Khandelwal outlined CAIT's agenda for next Government. "The economy of the Country is in a very dilapidated condition and needs highest priority of the next Government and having focus on exploitation of domestic resources is need of the hour. Therefore, the retail trade of India which contributes nearly 15% to National GDP requires more focus than corporate sector in order to make economy vibrant and resurgent"-said both trade leaders.

Bhartia and Khandelwal said that the CAIT has decided to embark upon the next Government to formulate a National Trade Policy and a separate Ministry of Internal Trade. Till the time the separate Ministry is formed, it will demand a State Minister for Internal Trade in Ministry of Commerce with a full-fledged Directorate of Internal Trade in the Ministry to draw policies and to monitor structured growth of retail trade of India comprising of more than six crore business enterprises which is providing employment to twenty five crore people in the Country. Further neglect of this important sector of Indian economy will not be tolerated anymore and if need be, the CAIT will not hesitate to launch a nationwide movement.

Both trade leaders said that creation of an alternate financial mechanism for small traders will be on top of the agenda of the CAIT. The core banking sector has failed to serve the small traders which has also been asserted by a recent report of Dr. Nachiket Mor Committee formed by RBI Governor Raghuram Rajan. The CAIT will urge upon the new Government to strengthen the Cooperative Banks and Non Banking Finance Companies which are already providing financial assistance to small traders and low income group. It will demand a classification in Non Banking Finance Companies and will call for categorization of Small Banking Finance Companies in NBFCs with a clear mandate to serve the small traders and low income group.

Allowing FDI in Retail is a burning issue for the trading community and as such the traders are committed to oppose tooth and nail any move to bring FDI in Retail and instead the CAIT will give more focus on upgradation and modernisation of existing retail trade structure in the Country. On the one hand both Central and State Governments are largely implementing e-governance in Government Departments. The traders are being made subject to e-compliance in taxation and other Departments whereas the government has not taken initiative to empower the traders with computerisation and as such there is a wide gap and traders are finding difficult to make e compliance. Therefore, the CAIT will call upon the Government to design a nationwide campaign for education and awareness among the trading community for need of upgradation, modernisation and computerisation and also to ensure financial assistance to traders for computerising the existing business format. However, the CAIT has already working on this issue and recently it has signed a MOU with global major in e commerce eBay for the above issue and to promote online business among the traders. Both CAIT and eBay are scheduled to make formal announcement at a press conference at New Delhi on April 17.

The CAIT will also laid greater emphasis on formation of a Review Commission to review Laws, Acts, Rules and Regulation governing retail trade and all such obsolete laws should be dispensed with whereas necessary amendments must be made in rest of the laws. The BJP has already committed for such review in its poll manifesto. The amendments in Food Safety and Standards Act, Uniform taxation structure in the Country and early implementation of GST but in prior consultation with stakeholders, ban on commodity exchanges, review of APMC Act,  are some of the other core issues which CAIT will be raising for the consideration of the next Government-said both Bhartia and Khandelwal.