The Union Budget will increase cash flow in the country and will strengthen the economy. It is creditable that the focus of the Budget has been shifted from corporate to non-corporate and farm sector but allowing 100% FDI in food retail will enable multinational companies to control & dominate the food sector and neither the farmer will be benefited nor the food industry. Hence, in this regard, the Confederation of All India Traders (CAIT) will submit its concerns to the finance minister and urge him to reconsider the proposal as it also runs contrary to the promises of BJP for not allowing FDI in retail.
CAIT national president B C Bhartia and secretary-general Praveen Khandelwal said that removal of 13 types of cess, tax rebates to small taxpayers, incentives to small entrepreneurs and encouragement to declare tax evasion money will increase cash flow in market. Opening of 1,500 multi-skill training institutes will promote skill development in the country.
They further said that increasing target of Mudra to Rs 1.80 lakh crore will pave the way for financial inclusion of unfunded enterprises but demanded that Mudra be declared as an independent regulator and refinancing should be done through NBFCs, MFIs, trusts & societies and trade associations should be involved in carrying Mudra to the actual beneficiary.
Also Model Shop & Establishment Bill allowing seven days opening of small shops is an attempt to compete with big retail. The Banking Board Bureau will streamline banking in the country. Development of 160 airports, and construction of 10,000 km roads will improve connectivity and transportation and will benefit trade.
