Traders Ask Government to Annul 51% FDI in Multi-Brand Retail

New Delhi: Traders body CAIT today asked the government to scrap the policy of 51 per cent FDI in multi-brand retail sector.

Confederation of All India Traders (CAIT) said the recent contradictory statements of Union Finance Minister Arun Jaitley and Commerce Minister Nirmala Sithraman on FDI retail notification, has created confusion in the trading community.

"The contradictory statements of Finance Minister Arun Jaitley and Commerce Minister Nirmala Sithraman on FDI in Retail notification has created a peculiar situation inasmuch as it has generated a lot of confusion amongst trading community of the country," CAIT said in a statement.

Representatives of CAIT would soon meet Mr Jaitley and Ms Sitharaman raising their demand for repealing of the 51 per cent FDI notification, it added.

"Continuation of said notification as a policy of the present Government has no logic since the same notification was bitterly opposed by BJP and other NDA coalition partners," the trade body added.

It further said that there was an urgent need for National Trade Policy for retail to structure the sector.