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TRADERS DEMAND LOAN WAIVER ON PATTERN OF WAIVER TO INDUSTRY & FARMERS

24-12-2018: TAC NEWS

CAIT TO LAUNCH NATIONWIDE AGITATION- NATION MEETING ON 12-13 JANUARY AT BHOPAL

Prompted by continuous loan waiver of Corporate sector and big Industry and now of Farmers, the Confederation of All India Traders (CAIT) today strongly demanded same loan waiver of traders also as it constitute an important vertical of economy of the Country. The CAIT has demanded that out of 7 crore small businesses in the Country all those who have taken loans should be given a loan waiver and benefits in tax collection. The CAIT has decided to launch a big nationwide agitation on this issue and to decide future course of action it has convened a meeting of its National Governing Council on 12-13 January at Bhopal.

CAIT National President Mr. B.C.Bhartia and Secretary General Mr. Praveen Khandelwal today strongly said that loan waiver is business of votes by the political parties and Constitution has never authorised any of the Government to give such uncalled for loan waiver and increase the NPAs of the Banks. They said that loan waiver creates economic crisis and there is policy paralyses in the Government. Crores of tax payers in the Country contribute tax in hope of national and economic development and not for making discretionary loan waivers with no logical reasons. It is always better to make concerned section self dependent and strengthen enough so that such sector may not require any waiver. If at all political parties are more willing to make loan waiver they should utilise funds of their respective political party. About 7 crore small businesses in the Country are generating an annual turn over of about Rs.42 lakh crores of rupees and only 4% small businesses could get loans and rest of the traders secure their loan requirements from other sources at a higher rate of interest. The traders deserve an economic package to survive their businesses. The CAIT will launch a wide nationwide campaign on this crucial issue.

Both Mr. Bhartia & Mr. Khandelwal said that the trading community in the Country is collecting taxes on behalf of the Government without any remuneration whereas on the other hand the traders are forced to face complicated tax system, penalties, expenses on collecting taxes and unfortunately at the time of any natural calamity, the traders have to suffer huge losses but not even for a single time so far no loan waiver or assistance has been given to traders whereas every year the farmers being made lame by giving loan waivers.

Both trade leaders said that traders have not committed any crime and therefore they should also be given loan waiver like other sections. The traders are contributing greatly to national exchequer and employment in the Country and so far no Government has ever given any economic package to traders.

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