NEW DELHI: Asserting that a loan waiver creates economic crises and there is policy paralysis in the government, national traders body Confederation of All India Traders (CAIT) has demanded the loan waiver scheme for traders in the country. CAIT has said that people contribute tax in the hope of national and economic development and not for making discretionary loan waivers with no logical reasons.
Adding that traders constitute an important vertical of the economy, 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. CAIT Secretary General Praveen Khandelwal said political parties use loan waivers for votes and the Constitution doesn’t authorise any of government to give such loan waivers.
“About seven crore small businesses in the country are generating an annual turnover of about Rs 42 lakh crore 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,” he added.
CAIT has decided to launch a nationwide agitation on this issue and to determine the future course of action it has convened a meeting of its National Governing Council on January 12 and 13 in Bhopal.
Khandelwal said that if the political parties are willing to announce loan waivers they should utilise funds of their respective parties.
Traders have to suffered losses but not a single time have we got assistance, he said.