: CAIT writes to FM; seeks reconsideration of economic package #FinanceIndia #StockMarketNEWS CAIT writes to FM; seeks reconsideration of economic package New Delhi, May 18 (KNN) Miffed over the announcement

@StockMarketNEWS Tue 19 May, 2020

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CAIT writes to FM; seeks reconsideration of economic package #FinanceIndia #StockMarketNEWS
CAIT writes to FM; seeks reconsideration of economic package New Delhi, May 18 (KNN) Miffed over the announcement of economic package, the Confederation of All India Traders (CAIT) on Monday wrote to Finance Minister Nirmala Sitharaman seeking a reconsideration of the package and announce measures to support traders.

"Seven crore traders in the country are conducting their business activities in urban, rural and semi-rural areas. The axe of lockdown will fall on them in a most brutal manner," said Praveen Khandelwal, national secretary general of CAIT said in the letter to FM.

Both CAIT National President B C Bhartia and Khandelwal said that while announcing the economic package, the government has ignored the traders and the trading community is deeply agitated and having gross resentment for their utter exclusion in the economic package at a time when it was direly needed since traders of the country will be forced to face serious challenges of financial crisis.

The traders of India have stood firmly with the government and the people of India in these troubled times to ensure continuous supply of essential commodities so that every citizen had substantial supplies during lockdown. The traders feel that the government has let them down, by non- inclusion in the much-awaited economic package, they added.

It is reiterated that at the time of lifting of lockdown, traders will still have financial obligations to meet like salaries of workers, government taxes, bank interest on loans among other things once they reopen. Khandelwal said that without support from the government, around 20 per cent of marginal traders will have no alternative, but to close down their business establishments.

However, the CAIT has assured that during this tough period of corona war, the trading community will continue in performing its obligations towards the nation.

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