CAIT slams CII report favouring 100% FDI in multi-brand retail

Traders' body CAIT Wednesday slammed industry chamber CII for favouring 100 per cent foreign direct investment in multi-brand retail and said any such move would affect livelihoods of crores of people.

In a joint report released Tuesday, the Confederation of Indian Industry (CII) and global management consultancy firm AT Kearney said the government should consider permitting 100 per cent foreign direct investment in multi-brand retail and further improve ease of doing business for the sector to promote growth in the segment.

Reacting to the CII report, the Confederation of All India Traders (CAIT) issued a statement alleging "the CII is a mouth-piece of MNCs and corporates who are destined to capture and monopolise the retail trade of India. Its demand for allowing FDI in multi-brand retail is to keep such companies in good humour as they are funding CII".

The industry chamber's report said that to overcome the barriers and enable a smooth growth and harmonious coexistence of traditional and modern retail, the government needs to adopt a single cohesive national retail policy, which adequately addresses all the concern areas.

However, Chairman of CII's Retail Committee Shashwat Goenka said: "The report talks about creating a common law for all formats of retail. So either we do 100 per cent FDI in all formats of retail or in none."