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India, Mumbai: CAIT to PM: FDI in retail will be draconian to Indian small industries

The Confederation of All India Traders (CAIT) drew the attention of prime minister Manmohan Singh towards the notification to allow 51 per cent foreign direct investment (FDI) in multi-brand retail which, in their opinion, will give unusual and extraordinary benefits to global retailers and prove to be draconian to Indian small industries.

CAIT also expressed its anger over the role of such industry bodies as the Federation of Indian Chambers of Commerce and Industry (FICCI), the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Confederation of Indian Industry (CII), who have failed to highlight the fact that corporates will be the only beneficiaries if FDI in retail is allowed in India.

A sizeable number of associations comprising small industries are members of the bodies, and it is imperative that they object to such unjustified clauses as 30 per cent procurement of goods from small industries. However, CAIT was dismayed that they did not even inform the small industry about these provisions, thereby diluting the fundamental of the clause.

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