Home / Knowledge / News / Apparel/Garments / Stick to clarifications on FDI in MBRT: Traders tell govt
Stick to clarifications on FDI in MBRT: Traders tell govt
24
Jun '13
The Government should retain its stand on the clarifications issued with regards to foreign direct investment (FDI) in retail, and should not relax any of the conditions under any pressure whatsoever, Confederation of All India Traders (CAIT) has said in a letter to Commerce and Industry Minister Anand Sharma.
 
Earlier this month, in response to queries of global retailers, the Department of Industrial Policy and Promotion issued clarifications stating that 50 percent of the sum that the foreign retailers invest in India through the FDI route should go to back-end infrastructure, and the funds spent to acquire the outlet chain shall not be considered as investment. 
 
CAIT said that to serve their individual interest, global players and domestic corporate players are trying to build pressure on the Government to ease the aforesaid conditions. 
 
“It appears that these retailers are seeking clarification that 50 per cent back-end investment has to applicable only for initial investment of USD 100 million. If this concession is agreed to, it will totally go against the promise made by you in the Parliament at the time of approving FDI in multi brand retail,” the letter stated.
 
The CAIT statement said the association has been strongly opposing the entry of FDI in multi-brand retail in India.
 
The Association website negates the Government’s claim of creation of four million direct job opportunities in the country within three years of the entry of retail, and calls it as highly impractical.
 
“Global experiences of organized retail have clearly shown that instead of creating employment, Mega Retail Corporations actually reduce employment,” CAIT says on its website.
 

Fibre2fashion News Desk - India


Interviews View All

Karan Toshniwal, Orange O Tec

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Viral Desai, Zenitex Mill Pvt Ltd

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Representatives, Textile & apparel industry

Representatives
Textile & apparel industry

GST is a complicated and lengthy process

Joachim Maier,

Joachim Maier

Switzerland-based Uster Technologies AG is the leading high technology...

Jash Choraria,

Jash Choraria

Established in 2015 by <b>Jash Choraria</b>, Unifynd is a Mumbai-based...

Mark Tokuhara,

Mark Tokuhara

Japan-based FitJoy, a shoe brand for women, has been in the footwear...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search