Home / Knowledge / News / Textiles / CAIT for top down approach in Budget
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GST system, making MUDRA a regulator and developer for financial inclusion of small businesses, abrogation of outdated laws concerning domestic trade, separate laws and guidelines for e-commerce and Direct Selling business and a National Trade Policy for Retail Trade and free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


Must ReadView All

Cotton production and exports in West Africa. Courtesy: FAS/USDA

Textiles | On 23rd Oct 2018

Record cotton production to drive West Africa exports

Cotton exports from West Africa for 2018-19 are projected to surpass...

Courtesy: Prudence Earl on Unsplash

Textiles | On 23rd Oct 2018

Sri Lanka's textile exports up 4.7% in Jan-July '18

Sri Lanka’s earnings from textiles and garments exports increased by...

Courtesy: Mario Crosta

Textiles | On 23rd Oct 2018

'Global textile machinery market may grow at 14% by 2020'

Analysts have predicted that the global textile machinery market may...

Interviews View All

Ajay Ghariwala, Luthra Group

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Janak Dhamanwala & Sunil Dhamanwala, Jansun

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Ravi Raj Desai,

Ravi Raj Desai

Himalaya Cotton Yarn Ltd manufactures high quality denier. The spinning...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

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


October 2018

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

news category


Related Categories:

Advanced Search