Traders seek stimulus support from Govt

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SME Times News Bureau | 18 May, 2020
Registering its displeasure over no stimulus for the trading community, the Confederation of All India Traders (CAIT) has asked Finance Minister Nirmala Sitharaman to reconsider the economic package and announce measures to support the trading community.

In a statement, the traders' body said that it has resented with deep regret that one of the largest and most committed segments of the trading community in the country has been omitted in wide reaching announcements of the economic package.

The traders' body has written to Sitharaman to come up with measures for around seven crore retail traders in the country. It has also sent similar communication to Home Minister Amit Shah, Defence Minister Rajnath Singh, Commerce Minister Piyush Goyal and Textile Minister Smriti Irani.

In the letter, CAIT has said that the traders of India have stood firmly with the government and the people of India in these troubled times to ensure continuous supply of essential commodities but now the traders feel that the Centre has let them down.

It reiterated that at the time of lifting of lockdown, the traders will have to meet various financial obligations like payment of salary to employees, payment of GST, Income Tax and other levies, EMIs, bank interest on loans and various other incidental expenses among others.

"All such circumstances will land the traders in turbulent time of financial crisis and it is expected that in absence of any handholding of the traders by the traders, about 20 per cent marginal traders will have no other alternative but to close down their business establishments and rest of the traders will have to do great struggle in reviving their business activities," it said.