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Retail trade policy ; Soon

The government is expected to announce a national retail policy and accident insurance scheme soon to support GST-registered domestic traders, the official said.

The official said the proposed policy will help provide better infrastructure and more credit to traders.

It may include provisions to ensure easy and quick access to affordable credit, facilitating the modernization and digitization of the retail trade; modern infrastructural support for entities such as the distribution chain; promoting skills development and improving labor productivity and ensuring an effective consultation and grievance mechanism.

India is the world’s fifth largest retail destination. The Department of Trade and Industry, along with the Department of Financial Services, is also working to create an insurance scheme for all GST-registered retailers.

“The government is trying to change the policy not only in e-commerce but also introducing a national retail policy for brick-and-mortar merchants that will introduce ease of doing business, provide better infrastructure, provide more credit and various merchant benefits,” the official added.

Under the proposed policy, apart from a centralized and computerized inspection management system, a unified mechanism for clearance of traders may be developed.

Commenting on the development, the Confederation of All India Traders (CAIT) said the retail policy will certainly help the sector to expand their business as it will have certain parameters and foundations within which retail would operate.

Retail is the only vertical of the economy that has no policy so far, CAIT General Secretary Praveen Khandelwal said.

“Also, giving the insurance scheme to traders will be in recognition of their magnificent contribution to the national exchequer,” he said.

(Only the headline and image of this report may have been edited by MSME World Staff; the rest of the content is automatically generated from the syndicated feed.)

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