Emphasising that small businesses are lifeline of economy, Niti Aayog CEO Amitabh Kant today asked them to focus on upgradation and modernisation and adopt latest technologies to be competitive against global firms.
A delegation of the Confederation of All India Traders (CAIT), led by its Secretary General Praveen Khandelwal, met Kant here today, a press release issued by CAIT stated.
Speaking to the delegation, Kant also discussed the National Trade Policy for Retail Trade and said he will talk to the Ministry of Small & Medium Enterprises (MSME) in this regard.
Kant said "small businesses are lifeline of economy and as such needs a special focus on the policy front whereas the traders and other small businesses should also understand that change is inevitable and as such they also need to upgrade and modernise their existing business format and adopt technology to accelerate growth in their trade which will culminate into growth of economy as well".
He further said that if Indian firms adopt technology then no one can beat them.
Kant also advocated a simplified and rationalised tax structure in the country and said the GST will certainly relieve traders from various taxes and their paper formalities and will convert into ease of doing business in India.
The CAIT delegation sought government's support to incentivise cashless payments for broader acceptance.
It is critical to note here that CAIT announced its commitment last year in May to help the self-organised sector move towards advanced means of payments and adoption of technology to ease way of handling cash inflows for all traders and merchants.
This initiative is aimed at empowering small and medium businesses with knowledge, tools and access to equip themselves with better forms of transacting currency with end customers in line with Prime Minister Narendra Modi's programme 'Digital India'.
This partnership, with global technology leader in electronic payments MasterCard, has achieved significant success across key states and has outlined an ambitious agenda for 2016.
