Traders demand loan waiver in line with waivers to corporates & farmers

New Delhi, Dec 24 (KNN) Prompted by continuous loan waiver of corporate sector and big Industry and now of farmers, the Confederation of All India Traders (CAIT) strongly demanded same loan waiver for traders also as it constitutes an important vertical of economy of the country.

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 traders' apex body has decided to launch a big nationwide agitation on this issue and to decide future course of action it is organizing a meeting of its National Governing Council on 12-13 January in Bhopal.

CAIT National President, B.C.Bhartia and Secretary General, Praveen Khandelwal strongly expressed their view saying that loan waiver is business of votes by the political parties and Constitution has never authorized any of the Governments 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, CAIT said adding that 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 utilize funds of their respective political party, the apex body suggested.

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, CAIT said stating that it will launch a wide nation-wide campaign on this crucial issue.

Both Bhartia and 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.