New Delhi, Jan 31 (KNN) Reacting on the economic survey, the Confederation of All India Traders (CAIT) on Friday said that economic survey indicates support policies for Small and Medium Enterprises (SME) sector in Budget.

''The economic survey presented in the Parliament today is a indication of conversion of focus of the Government now on boosting growth and development of SME sector which is having much potential for investments, savings, exports, growth and jobs, as the primary engine to drive Indian economy which will accelerate and sustain a real GDP growth of more than 7 percent per year CAIT said in a statement.

''Since, corporate sector is not able to deliver the growth, the Government will now focus on non-corporate sector to provide sustainable growth of economy,'' the trader’s body added.

Both BC Bhartia National President and Praveen Khandelwal, Secretary General of the CAIT said that in order to sustain the growth investment has been considered as key driver for simultaneous growth in demand, jobs, exports and productivity but a careful approach is needed as to identify which sectors really need investment.

''The CAIT also hoped that some sort of regulatory mechanism will be announced for the e commerce sector so that it cannot avoid tax obligations. The increase in rural wages is clear indication that the economy is moving to transform rural India with upgradation and modernisation to ensure its active participation in the economy. This will lead to a balanced overall economic growth removing disparity between rural and urban India. This will help in employment generation at local level and will stop shifting of rural pollution to urban population,'' they asserted.

Later, both trade leaders hoped that Union Budget to be presented on February will be a document to announce major policy initiatives for SMEs to free them from clutches of multiple laws and authorities and government expect them to do fair business practices and make them competent to face global challenges and and provide better opportunities for exports.

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