CAIT IN A LETTER TO PRIME MINISTER MODI SEEK INTERACTION ON DOMESTIC TRADE
FOREIGN TRADE BE HAND OVER TO MINISTRY OF EXTERNAL AFFAIRS
SHIMLA----- The Confederation of All India Traders (CAIT) in a communication sent to Prime Minister Narendra Modi today has sought his direct interaction with trading community and has also urged that Foreign Trade may be handed over to Ministry of External Affairs leaving the Ministry of Commerce solely focussing on development and growth of internal trade in the Country.
CAIT National President Mr. B.C.Bhartia and Secretary General Mr. Praveen Khandelwal in communication to Prime Minister said that during his current tenure he has greatly attempted to have direct interaction with almost all verticals of the economy except the trading community which is often called as backbone of the economy and business community across the Country is anxiously looking the opportunity since last 41/2 years.
The retail trade in India accounts for about 42 lakh crore annual turnover and after agriculture, the second largest sector for employment generation. The trading community like other sectors also earnestly wish to have direct interaction with you on various core issues-said the CAIT
The Trade leaders complimented Prime Minister for bringing Internal Trade under Ministry of Commerce and creation of a Department for it. It is a long demanding step which has been done by the Government..It has demanded that all the verticals of retail trade including big retail, small traders, Direct selling and e commerce should be brought under Internal Trade and a robust Trade Policy is required for structured growth of the retail trade in India.
Both Mr. Bhartia & Mr. Khandelwal suggested that Foreign Trade should be given under the charge of Ministry of External Affairs as this Ministry is well in touch with rest of the World on regular basis and as such the Foreign Trade will get a boost. On the other side the Commerce Ministry will be able to provide more focus on structured growth of domestic trade and thereby yielding more revenue to the Government. A Retail Regulatory Authority to regulate and monitor retail trade of India is also needed whereas on the other hand Digitisation of existing format of retail trade is need of the hour.