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Indian Retail Trade Is Hostage Of Global MNCs And Big Firms: CAIT

"It is highly regretted that they came to India on the pretext of FDI in India but the said money was used in various business malpractices or to burn cash in order to control and dominate the retail trade," the trade leaders said

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In absence of any government policies or guidelines, the retail sector has become an open playground for setting its own rules and has been greatly captivated and monopolised by global MNCs and big companies, said the Confederation of All India Traders (CAIT) on Friday

The trade body alleged that this is affecting the small traders as over one lakh shops, majorly for mobile trade, have been closed so far due to unruly business behaviour of these companies. 

Hence, CAIT urged Union Commerce Minister Piyush Goyal to take immediate effective steps against culprits to avoid further damage to the businesses of small traders. 

BC Bhartia, National President, CAIT and Praveen Khandelwal, Secretary-General CAIT said that over the period of last ten years, the MNCs have earned enormous money from India but a large portion of that money was transferred to their native countries as royalty. 

"It is highly regretted that they came to India on the pretext of FDI in India but the said money was used in various business malpractices or to burn cash in order to control and dominate the retail trade," the trade leaders said. 

They said that in the current technology era, the data has become a sovereign wealth and these companies have accumulated large amounts of data from India and no one knows in what way the data has been used. 

Both the trade leaders said that if no early steps are taken by both central and state governments, the traders of the country are bound to lose trade to global MNCs and big companies. 

"The retail trade is already facing several roadblocks and trying to recover on its own, having no support either from the central or state governments," they said.


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