Traders' body Cait urges the government to regulate fast trade

Copyright © HT Digital Streams Limit all rights reserved. Companies Cait also suggested to charge a luxury tax under GST on purchases made via e-commerce platforms. Summary Cait members have argued that rapid trading companies distorted the retail market through excessive discounting and expansion in major cities, which forced many small shop owners to close the store. New -Delhi: The Confederation of All India Traders (Cait) on Tuesday announced its plan to submit recommendations to the Ministries of Trade and Consumer Affairs, addressing the challenges that retailers face, due to the rapid expansion of rapid trade. The association, which represents many small traders, insists for a policy resolution that immediately includes the policy of direct foreign investment (FDI) in the broader e-commerce market (including fast trading) and implementing e-trading rules under the Consumer Protection Act to protect small businesses. Cait also suggested that a luxury tax under GST charges on purchases made via e-commerce platforms. In addition, the association said its affiliate, such as the All India Consumer Products Distributers’ Federation (AICPDF) and the All India Mobile Retailers Association (AIMRA), the Human Rights Commission will approach the well -being of the economy workers. Also read: Rising Question, Escalizing Cost: Staff companies feel the heat earlier this year, AICPDF has submitted a petition to the Competition Commission of India (CCI), in which he claims deep discounts and unfair practices by fast trading platforms. Retailers are seeking supervision at a Tuesday meeting, CAIT members have argued that rapid trade companies have distorted the retail market through excessive discounts and expansion in major cities, forcing many small stores owners to close. Supported by private investments, these platforms can expand quickly while offering discounts and comfort, they added. “Cait will make recommendations to the Minister of Trade and the Minister of Consumer Affairs and inform them. They have already expressed concern, and the government is working on it,” says Praveen Khandelwal, secretary general, Cait. “The Indian government has almost prepared the e-commerce policy after much summit. We now feel the right time for the rules of the e-commerce and (e-commerce) rules under the Consumer Protection Protection Act to protect the retail democracy in the country,” he said on the sidelines of an event held in the capital. Also read: Surping Gold Forces retailers to sweeten transactions before Akshaya Tritiya “This is (fast trading) a completely new sector, but there is no regulatory framework yet. We urge the government to also form an independent regulatory body for digital trading to cover both e-commerce and fast trading platforms,” ​​he added. Small traders increase alarm. Fast trading companies have been reforming the retail landscape in India over the past two to three years. Companies such as Zepto, Blinkit and Swiggy Instamart, which promised deliveries within 30 minutes, helped buyers replace trips to small grocery stores with online orders. Quick Commerce Platforms reported a 77% string in gross trading value up to $ 2.8 billion in 2023, according to the Redest data. The Quick Commerce Market is expected to grow by more than 40% annually to 2030, according to estimates by Bain & Co. – Filled by extension over categories, geographical areas and client segments. Cait also recommended that online platforms be prohibited from performing stock -led operations in which the platform owns and sells the stock. Instead, they should work as market places that enable third-party vendors to sell goods to copper via the platforms. Also read: The writing is on the wall for multiplexes. Malls cut screens to size India allow 100% direct foreign investment or FDI, under the automatic route for market models; FDI is not allowed in stock-based e-commerce models. The association also sought compulsory transparency in algorithms, pricing and seller that deployed fast trading companies. “We are asking the government for the protection and promotion of small retail stores,” Kadiewal said. Catch all the corporate news and updates on live currency. Download the Mint News app to get daily market updates and live business news. More Topics #retail #Consumer Sector Mint Specials