Modi to inaugurate traders national convention on February 27 at New Delhi

New Delhi, January 14, 2014: Gujarat Chief Minister Narendra Modi will inaugurate an All India Traders Convention on February 27 at New Delhi. The Convention is being organised by the Confederation of All India Traders (CAIT) on February 27 and 28, which will be attended by thousands of traders from all states of the country.
A delegation of the CAIT led by its National Secretary General Praveen Khandelwal met with Modi at Ahmadabad in his office yesterday and discussed various issues pertaining to trading community while extending an invitation to him to inaugurate the Convention. Beside Khandelwal, CAIT National Chairman Mahendra Shah, CAIT Gujarat Chapter Convener Jayendra Tanna, CAIT Gujrat Chapter President Parmod Bhagat & CAIT national Treasurer Vijay Budhiraja & others joint the delegation.
The CAIT has invited senior leaders of prominent different political parties at national and regional level including Congress Vice President Rahul Gandhi, leaders of BJP, CPM, CPI, AIADMK, DMK, JD (U), TMC, RJD, BSP, SP etc to the Convention.
Modi while agreeing to inaugurate the convention said that traders of the country are real back bone of the economy and needs to be strengthening to ensure a sound national economy. He agreed with the delegation that a National Trade Policy for the trading community is essential to ensure its comprehensive growth coupled with up gradation and modernisation. Modi while refereeing to recent report of a RBI panel headed by Dr. Nachiket Mor said that almost 90% small business and low income group in the Country do not have any link with formal banking and about 60% of urban and rural small businesses and low income group do not have any functional bank account. Therefore, there is an immediate need to look in to this issue efforts are needed to provide any viable financial mechanism to small businesses and low income group to facilitate them to obtain much needed financial assistance without any much hurdle.
Modi while talking to the delegation also expressed the view that keeping into consideration the complexity of the taxation system, there is a need to simplify and rationalise the existing tax structure where traders can be taken out from the clutches of paper formalities and simultaneously by widening the tax base much more revenue may be generated for the Government.