Bengaluru, Sep 10 (Agency) CAIT Friday called foreign companies versus Indian companies as a mischievous narrative created by lobbyists to give cover to foreign entities violating norms under FDI policy. “The Indian companies versus foreign companies is a very mischievous narrative built by pro-foreign lobbyists. It is regrettably argued by Niti Aayog,” Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said. “It is nothing but their sheer attempt to evade and continue to violate the act, rules and regulations applicable under FDI policy or other different rules mentioned in some other statutes,” he added.
Therefore, it is necessary to dismantle this most obnoxious argument put forward by global ecommerce companies, Khandelwal said. The foreign-funded ecommerce companies want to control, dominate and monopolise the Indian ecommerce trade through this obnoxious narrative, he said. This narrative is unfactual also because the ecommerce rules under the Consumer Act will be applicable on both foreign and Indian entities, which are conducting their business module through any mode of ecommerce for supply of goods or providing services, Khandelwal pointed out. He also refuted fears that implementation of ecommerce rules will deter foreign investment in India. Khandelwal said the foreign-funded ecommerce companies perceive India as a Banana Republic and they are free to do anything they want to do because of the government’s failure to take action against these for violating norms. “This has caused huge losses to traders and resulted in closure of about two lakh shops across India,” he said. Keeping in view of this mischievous narrative, the CAIT has decided to bring all nationalist forces on one platform to fight these foreign funded ecommerce companies, Khandelwal said. “We might have some differences on a few issues with the Indian corporate sector but we are determined to ensure that trade in India should not go into the hands of global companies but should remain in the hands of Indian people only,” he said.