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CAIT slams CII report favouring 100% FDI in multi-brand retail, says move will 'affect livelihoods of crores of people'

New Delhi: Traders' body CAIT Wednesday slammed industry chamber CII for favouring 100 percent foreign direct investment in multi-brand retail and said any such move would affect livelihoods of crores of people.

In a joint report released Tuesday, the Confederation of Indian Industry (CII) and global management consultancy firm AT Kearney said the government should consider permitting 100 percent foreign direct investment in multi-brand retail and further improve ease of doing business for the sector to promote growth in the segment.

Reacting to the CII report, the Confederation of All India Traders (CAIT) issued a statement alleging "the CII is a mouth-piece of MNCs and corporates who are destined to capture and monopolise the retail trade of India. Its demand for allowing FDI in multi-brand retail is to keep such companies in good humour as they are funding CII".

 CAIT slams CII report favouring 100% FDI in multi-brand retail, says move will affect livelihoods of crores of people

Representational image. Reuters

The industry chamber's report said that to overcome the barriers and enable a smooth growth and harmonious coexistence of traditional and modern retail, the government needs to adopt a single cohesive national retail policy, which adequately addresses all the concern areas.

However, Chairman of CII's Retail Committee Shashwat Goenka said: "The report talks about creating a common law for all formats of retail. So either we do 100 per cent FDI in all formats of retail or in none."

"It is interesting to note that the report is prepared in association with a foreign company AT Kearney which obviously will forward and advocate the agenda of MNCs. It is none of the business of CII to speak for retail trade and it will be better if it keeps itself to the issue of corporates," the traders' body asserted.

The traders' body said foreign direct investment in multi-brand retail is a crucial issue affecting livelihood of crores of people in the country.

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Updated Date: Dec 12, 2018 18:34:26 IST