Tuesday, November 29, 2022

Jamshedpur traders extend support to Bharat Bandh on September 28

Jamshedpur: Traders of Jamshedpur on Tuesday announced to extend their support to Bharat Bandh call given by the Confederation of All India Traders (CAIT), an apex body of trading community of India on September 28.

Addressing a press meet at Chamber Bhawan in Bistupur officials of Singhbhum Chamber of Commerce and Industry said that that the bandh has been called to oppose US retail major Walmart’s acquisition of Flipkart.

” We are against the acquisition as it will create an uneven level playing field and wipe out competition due to their business module which includes predatory pricing, deep discount and loss funding,” noted Suresh Sonthalia, former president of Singhbhum Chamber of Commerce and Industry .

He said that that the deal has violated Press Note 3 of 2016 of the Union government. Press Note 3 is a document that spells out FDI norms for e-commerce. It restrains e-commerce companies from influencing prices.

“The markets across the country will remain closed on 28 September while observing Bharat Trade Bandh and traders will take out protest march in their respective cities across the Country,” said another functionary.

The size of the retail market of India is almost Rs 43 lakh crore. Apart from contributing substantially to the GDP, the retail segment absorbs major human resources and plays a significant role in employment generation.

“We understand that big multinationals are equally important for a growing economy. But what we want from the government is to put in place policies, like the US, whereby multinational giants cannot take over the retail trade and the interests of small retailers are safeguarded,” noted an official of Chamber.

He said that if such FDI is allowed in retail, the sector would be unable to compete with the big multinationals at one point of time while the latter would attain monopoly and start increasing prices of products.

Some of the other demands of CAIT include formulation of a robust and transparent policy for e-commerce, withdrawal of permission of 100 per cent FDI in single brand retail, declaration of a national trade policy for retail trade and constitution of a separate ministry of internal trade for traders.

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