In the absence of government policies or guidelines, the retail sector has become an open playing field to set its own rules and has been heavily captured and monopolized by global multinationals and large corporations, the Commission said on Friday. Confederation of All Indian Traders (CAIT).
The trade body alleged that this is affecting small traders as more than a lakh of stores, mostly for mobile commerce, have been closed so far due to the unruly trading behavior of these companies.
Therefore, CAIT urged Union Trade Minister Piyush Goyal to take immediate and effective action against the culprits to avoid further damage to the businesses of small traders.
BC Bhartia, National Chairman, CAIT and Praveen Khandelwal, General Secretary of CAIT, said that over the past ten years, multinationals have made huge amounts of money from India, but much of that money has been transferred to their country of origin as a royalty.
“It is very unfortunate that they came to India under the guise of FDI in India, but this money was used in various fraudulent business practices or burning money to control and dominate the retail business,” business executives said.
They said that in the current technological age, data has become a sovereign wealth and these companies have accumulated large amounts of data from India and no one knows how the data has been used.
The two trade leaders said that if no early action is taken by central and state governments, traders in the country are bound to lose trade to global multinationals and big corporations.
“Retail is already facing several hurdles and trying to recover on its own, having no support from either central or state governments,” they said.
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