BackTraders ask govt to annul 51% FDI policy in multi-brand retail
CAIT says the contradictory statements of Arun Jaitley and Nirmala Sithraman on FDI retail notification has created confusion in the trading community
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New Delhi: Traders body Confederation of All India Trader (CAIT) on Sunday asked the government to scrap the policy of 51% foreign direct investment (FDI) in multi-brand retail sector.
CAIT said the recent contradictory statements of Union finance minister Arun Jaitley and commerce minister Nirmala Sithraman on FDI retail notification, has created confusion in the trading community.
“The contradictory statements of finance minister Arun Jaitley and commerce minister Nirmala Sithraman on FDI in Retail notification has created a peculiar situation inasmuch as it has generated a lot of confusion amongst trading community of the country," CAIT said in a statement.
Representatives of CAIT would soon meet Jaitley and Sitharaman raising their demand for repealing of the 51% FDI notification, it added. “Continuation of said notification as a policy of the present Government has no logic since the same notification was bitterly opposed by BJP (Bharatiya Janata Party) and other NDA (National Democratic Alliance) coalition partners," the trade body added.
It further said that there was an urgent need for National Trade Policy for retail to structure the sector.
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