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Govt should stick to the clarifications on retail: CAIT

 The Confederation of All India Traders (CAIT) today urged the government to stick to the recently released clarifications on multi-brand retail trading and not to ease the conditions for foreign retailer. In a letter to Commerce and Industry Minister Anand Sharma, Confederation of All India Traders (CAIT) said: "the government must stick to the clarifications issued and should not bow under any pressure whatsoever..."

On June 7, the Department of Industrial Policy and Promotion has issued clarifications on queries from global retailers saying that the global players will have to put 50 per cent of their investments in back-end infrastructure specifically for the chain they are setting up. The CAIT alleges that the global retailers are now trying to exercise lobby to dilute the 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," it said. The CAIT was strongly protesting against allowing foreign direct investment in multi-brand retail trading.
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For more details, please contact CAIT Secretary General Mr. Praveen Khandelwal at +91-9891015165-9310199771

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