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CAIT for top down approach in Budget
06
Feb '16
The Confederation of All India Traders (CAIT) has urged Finance Minister Arun Jaitley to shift focus of Union Budget from corporate to non-corporate sector and spell out policies with 'top down, bottom up' approach to boost the economy.

“Small business is big business and as such deserve support policies in the Union Budge,” it said in a press release.

The CAIT also reiterated that the Finance Ministry should declare incentives in the Budget to promote cashless economy in the country thereby encouraging more usage of debit/credit cards.

“There is a need to liberate reforms from Chicago School Milton Friedman thinking which rests on three pillars, supporting big business, MNCs and Big Capital. India's non-corporate sector is largest dis-aggregated business eco-system of the world and therefore should be given due priority in the Budget. Growth in Indian economy cannot be achieved through MNCs and corporate houses. Rather, small businesses should be given due importance in Union Budget to make it as prime engine for growth,” CAIT said in the release.

CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that the focus in budget should be top down for support policies, development, financial aggregation, regulation etc for non corporate sector and bottom up for inclusion of this sector in upgradation and modernisation, community linkage, knowledge and providing opportunities to make use of their capabilities to optimum level.

The two top CAIT bosses also opposed FDI in retail in any form and even in retail e-commerce. They said a simplified GST system, making MUDRA a regulator and developer for financial inclusion of small businesses, abrogation of outdated laws concerning domestic trade, separate laws and guidelines for e-commerce and Direct Selling business and a National Trade Policy for Retail Trade and free movement of goods all over the country by developing India as one single market, are some of the core issues which deserves attention of the Finance Minister in the Budget.

The CAIT leaders said that the non-corporate sector has outperformed corporate sector in terms of GDP contribution, domestic manufacturing, employment and exports. With more than 6 crore business establishments, the sector contributes 45 per cent to the national GDP and provided employment to about 46 crore people out of which about 26 crore are self employed. (SH)

Fibre2Fashion News Desk – India

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