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CAIT urges financial support policies for small traders in Budget
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IANS | 19 Jan, 2023
Traders' body, the Confederation of All India Traders (CAIT) has urged
the Union Finance Minister for financial support policies for small
traders in the upcoming Budget.
The body suggested that
besides advising the Reserve Bank of India (RBI) to ensure smooth and
easy access of finance to the trading community, the Finance Minister
should spell out a policy in the budget to lay special emphasis on Non
Banking Finance Companies & Micro Finance Institutions for lending
to small businesses and the Banks and financial institutions should
strengthen NBFCs and MFIs by providing requisite finance at a lower rate
of interest so that both these lending institutions should provide
finance to small businesses at a lower interest rate.
"Such a
policy will greatly supplement the financial requirements of small
businesses and will help the retail trade in exponentially utilising its
capacities and capabilities," said CAIT Secretary General Praveen
Khandelwal.
He said that the trading community has been grossly
neglected by the successive governments post Independence and no support
policies were ever made for the retail trade of India.
"Absence
of a policy and a separate Ministry for Internal Trade is an ample
testimony of the apathy towards the trading community," CAIT said in a
communication sent to Union Finance Minister Nirmala Sitharaman on
Thursday.
The communication assumes much significance as it has been sent at a time when Union Budget is under preparation.
CAIT
National President B.C. Bhartia and Secretary General Khandelwal said
that it is only at the initiative of CAIT and with holistic approach of
Prime Minister Narendra Modi, the Department for Industry was added with
Internal Trade and now the National Retail Policy is under draft stage
in Ministry of Commerce.
However, there is an urgent need for
immediate roll out of not only the National Retail Policy but an
E-commerce policy which is also under draft stage and formation of an
empowered Regulatory Authority.
In its communication to
Sitharaman, CAIT while demanding support financial policies for the
traders in the budget said that the business community of India is
facing huge crunch of financial liquidity and during the last many
decades, the RBI has failed to provide easy access to finances for the
traders of the Country which in turn is causing under utilisation of
capacities and capabilities of the business community of the turning
into a total loss situation to the national economy.
The RBI has always put its prime focus on corporate sector only.
"It
does not deem fit to consult the trade association ever to understand
their financial needs though the non corporate sector excluding
agriculture is contributing magnificently to national exchequer and
after agriculture, the largest employment provider in the country yet
the retail trade could not find any place in financial policies," it
said.
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