'Describing unorganized sector as personal sector by PM Modi is a landmark change' - RNews1 Network

'Describing unorganized sector as personal sector by PM Modi is a landmark change'

Prime Minister Narendra Modi, PM Narendra Modi, PM Modi, Confederation of All India Traders, CAIT, B C Bhartia, Praveen Khandelwal
New Delhi : The Confederation of All India Traders (CAIT) has complimented the Prime Minister Narendra Modi for floating a new terminology 'personal sector' for unorganised sector in the Country.

"It is a landmark initiative of taken first time post Independence by any Prime Minister to dignify a sector which was hitherto wrongly classified as unorganised sector"- said B C Bhartia, National President & Praveen Khandelwal, Secretary General of CAIT in a communication sent to Prime Minister today.

It is remembered that Prime Minister Narender Modi floated this idea on 18th September at Varanasi while addressing a public meeting.

Bhartia & Khandelwal said that Prime Minister Modi rightly admitted failure of both public & private sectors to ensure the required economic development. During a period of 20 years from 1991 to 2011, the corporate sector received finances, rebates and other beneficial schemes to the tune of more than 50 lakh crores of rupees and could able to increase their contribution from 12% in 1991 to merely 15% in 2011 to national GDP.

Whereas on the other hand about 5.77 crore small businesses in the Country are contributing about 45% to national GDP and that too without any support policy of the Government. PM Modi makes a point when he said that personal sector empowers the individual and can work wonders for the country.

"We have long been advocating the cause of largely claimed ‘unorganized sector’ and are delighted to see recognition and acknowledgment by Prime Minister. We firmly believe that retail trade is one of the vital constituents of India’s national economy on its merit.

The non-corporate sector provides employment to approximately 46 crore people in India. While this sector has largely been neglected by previous governments, we are happy to finally see the current government’s priorities to include the masses included within its policy planning, said Bhartia & Khandelwal.

Both trade leaders said that Prime Ministers observations are in the right direction including the successful financial inclusion program Pradhanmantri Mudra Yojna.

However, a National Trade Policy for Retail Trade and a separate Ministry of Internal Trade is need of the hour which can accelerate the growth of personal sector in a regulated and comprehensive manner and will bring an an end for different verticals which continue to circumvent the laws & rules by encroaching upon the businesses of other verticals thereby creating an overlap.

The CAIT has sought an audience with the Prime Minister to discuss structured growth of personal sector in the Country.

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