CAIT CONDEMNS OBAMA STATEMENT ON FDI IN RETAIL

The Confederation of All India Traders (CAIT), an apex body of the trading community of India has reacted sharply over the statement of US President Barak Obama for advising India to improve investment atmosphere. The CAIT has termed the statement of Shri Obama as an indirect interference in our domestic matters pressurizing India to open FDI in Retail. The CAIT has expressed the view that instead of preaching India, the US President should focus on regulating his own disordered house. The US is presently gripped with unemployment, inflation and other economic issues. More than 80% retail market of US is controlled by Multinational Companies which has led to economic turmoil in US. In such circumstances the preachings of President Obama is nothing but an attempt to woo his own countrymen in the wake of forthcoming Presidential elections in US.

The CAIT has regretted that even the torch bearers of India Inc. have endorsed the interference of President Obama which is uncalled for.

CAIT President Mr. B. C. Bhartia and Secretary General Mr. Praveen Khandelwal in a joint statement released here at New Delhi said that Indian economy is consumption based economy more than 82% of the material produced is consumed in our country. Against the background of global recession Indian economy has shown progress. These confirm that Indian economy has its own strength and self sustaining growth. At America & European countries are facing repetitive depression. Industrial growth in China has entered negative fate. They are all viewing Indian economy as the only pollution for survival of their economy.

Both the trade leaders have expressed their serious concerns over the way in which Mr. Obama is trying to twist the arms of Indian Government to get the FDI in Retail on board. Any attempt to allow FDI in retail trade will face strong protest from people of India.

For more information please contact CAIT, Secretary General, Mr. Praveen Khandelwal@9891015165