The
Confederation of All India Traders (CAIT), an apex body of the trading
community of India has reacted sharply over the statement of US
President Barak Obama for advising India to improve investment
atmosphere. The CAIT has termed the statement of Shri Obama as an
indirect interference in our domestic matters pressurizing India to open
FDI in Retail. The CAIT has expressed the view that instead of
preaching India, the US President should focus on regulating his own
disordered house. The US is presently gripped with unemployment,
inflation and other economic issues. More than 80% retail market of US
is controlled by Multinational Companies which has led to economic
turmoil in US. In such circumstances the preachings of President Obama
is nothing but an attempt to woo his own countrymen in the wake of
forthcoming Presidential elections in US.
The CAIT has regretted that even the torch bearers
of India Inc. have endorsed the interference of President Obama which is
uncalled for.
CAIT President Mr. B. C. Bhartia
and Secretary General Mr. Praveen Khandelwal in a joint statement
released here at New Delhi said that Indian economy is consumption based
economy more than 82% of the material produced is consumed in our
country. Against the background of global recession Indian economy has
shown progress. These confirm that Indian economy has its own strength
and self sustaining growth. At America & European countries are
facing repetitive depression. Industrial growth in China has entered
negative fate. They are all viewing Indian economy as the only pollution
for survival of their economy.
Both the trade leaders have expressed their serious
concerns over the way in which Mr. Obama is trying to twist the arms of
Indian Government to get the FDI in Retail on board. Any attempt to
allow FDI in retail trade will face strong protest from people of India.
For more information please contact CAIT, Secretary General, Mr. Praveen Khandelwal@9891015165
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