Traders demand comprehensive credit policy for retailers

New Delhi, Feb 4 (UNI) The Confederation of All India Traders (CAIT) has asked Finance Minister P Chidambaram for a comprehensive credit policy for small retail trade in the country.

''The country's retail trade is passing through a crucial stage and is going to face tough challenges from multi-national companies.

The rapidly growing globalisation and policy of economic liberalisation has necessitated strengthening the internal trade,'' CAIT Secretary General Praveen Khandelwal said in a statement today.

In order to make domestic trade stable and capable to meet challenges, a comprehensive credit policy, especially for small retailers, is the need of the hour, he added.

Mr Khandelwal urged the Finance Minister to take up the issue with CMDs of public sector banks tomorrow during his meeting with them and the PSU banks should be advised to evolve a sound strategy of providing easy loans to small retailers.

The FDI in retail trade and attempt by big industrial houses to capture internal trade will be much detrimental to interests of about Rs 5 crore small retailers across the country and therefore, the Government should provide them protection at all levels, he added.

UNI