Retailers Association of India (RAI) asked the ruling government to develop a unified FDI policy for the retail business sector that also covers e-commerce or online trade as its component.
A group of RAI members which comprises senior executives from big brands like Tata Group, Future Group, Aditya Birla Group, Landmark Group and Shoppers Stop, in a meet with Finance Minister Arun Jaitley, asked for the access of global capital up to 49 percent without bounding the native retailers of the country.
In an official statement, RAI quoted, The delegation “discussed the need to create a unified FDI policy for ‘Retail Trade’ as channels like E-commerce are just a sub-set of retail.”
During the entire meeting, the majorly discussed issues were the violations of FDI policy rules in retail and the future of Indian taxation, the GST.
An another statement reveals, “The delegation emphasised the need to support Indian-managed, Indian-owned retail businesses to access global capital up to 49 per cent without any restrictions.”
The listed members of the delegation, other than bringing FDI in retail, also made discussion on several vital points of GST with the commanding personality at the meeting, MR. Arun Jaitley. The retailers also appreciated the slab-wise approach made by the Indian government in GST.
In addition, the delegation also tried to convince government to transit to GST as far as possible at the same prevailing rate of tax.
