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Economy May 18, 2013

Narendra Modi against forward trading in commodities, retail FDI

Ahmedabad: Gujarat Chief Minister Narendra Modi on Friday told a traders' body that he was opposed to forward trading in commodity exchanges as it was detrimental to national economy.

"Forward trading in commodity exchanges is detrimental to national economy and I am opposed to it," Modi was quoted as saying in a press release issued by Confederation of All India Traders (CAIT). Modi held a meeting with trade leaders of different states at his residence in Gandhinagar. The meeting was led by Confederation of All India Traders (CAIT), an apex body of the trading community.

AFP

AFP

Talking to the trade leaders, Modi also expressed strong opposition to FDI in retail, the release said. He advocated the need for a clear distinction between a small trader at a taluka or panchayat level with that of traders conducting business in urban cities and maintained that the former can not be placed at par with traders in big cities and some kind of a policy was needed to protect them, according to the release.

About GST, he argued that concerns of the manufacturing states on revenue under GST should be taken into consideration and their interest must not be jeopardised.

PTI

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