- The confederation of All India Traders (CAIT) has requested the Indian government to examine Chinese investments in the Indian startups.
- CAIT is the leading advocate for small traders and businesses in India, with around 6 crore merchants across 40,000 affiliates.
- The main purpose of this request is to determine the Chinese investor's control in Indian startups.
Trader's advocate CAIT (The Confederation Of All India Traders) has requested the Indian government to examine the Chinese investments in Indian startups.
The main purpose of this request is to determine the Chinese investors and the company's control in the Indian startups.
CAIT ( the confederation of all India traders) is the trader's advocate body for small traders with around 6 crore merchants across 40,000 affiliates. CAIT covers firms relate to sectors including hospitality, food delivery, IT, logistics, payment applications, e-commerce travel, transport, pharmaceuticals, insurance, share market, healthcare, eye care, play applications, and others.
Furthermore, Reports said, CAIT has submitted the list of 141 famous Indian startups claiming these startups having significant Chinese investments.
"It looks like a planned strategy by various Chinese companies to acquire vital data of Indian people and an exercise in the direction to dominate various Indian economic centers by virtue of their investments. Therefore, an immediate direction for an in-depth investigation into the working and business module of Indian startups covering the above-mentioned concerns is all the more necessary," the CAIT said in the letter.
Moreover, the trader's body CAIT suggested the Indian government: any future overseas investments should be examined through the government route, not by the automatic process.
Earlier this year, The Indian government introduced a new policy for foreign investments. According to the new policy introduced by the government, every overseas investment, especially from China, will be under a heavy scrutiny.