Traders body CAIT condemns CII report favouring 100 percent FDI

By

Maverick Martins

Published
Dec 13, 2018

The Confederation of All India Traders (CAIT), a body representing the traders in India has condemned the report released by Confederation of Indian Industry (CII) which favours 100 percent foreign direct investment (FDI) in multi-brand retail.
 

CAIT has expressed its displeasure over the report calling CII a mouth-piece of corporates and stated that any such move would affect livelihoods of crores of people in the country.
 
The CII and global management consultancy firm AT Kearney had released a joint report earlier which said the government should consider permitting 100 percent foreign direct investment in multi-brand retail and further improve ease of doing business for the sector.

"The CII is a mouth-piece of [mult-national corporations] and corporates who are destined to capture and monopolise the retail trade of India. Its demand for allowing FDI in multi-brand retail is to keep such companies in good humour as they are funding CII", CAIT said in a statement.
 
"It is interesting to note that the report is prepared in association with a foreign company AT Kearney which obviously will forward and advocate the agenda of MNCs. It is none of the business of CII to speak for retail trade and it will be better if it keeps itself to the issue of corporates," CAIT added.
 
The traders' body has been opposing foreign retail investment in the country for a very long time now stating that it is hampering their business. They have also asked the government to expedite the process of implementation of an e-commerce policy and formation of a Regulatory Authority to monitor the e-commerce business in India.