Government to release draft national retail policy in 10 days, final policy likely by September

By: |
Updated: June 25, 2019 4:58:15 PM

Ruling party BJP in its election manifesto had said that it will set-up National Traders’ Welfare Board and create a National Policy for Retail Trade for the growth of retail businesses.

The draft national retail policy will seek comments from the trader community for the final policy. (Image: Bloomberg)

Department for Promotion of Industry and Internal Trade (DPIIT) secretary Ramesh Abhishek chairing the meeting with trade associations today said that a draft of the national retail policy will be released in coming ten days to seek comments from the trader community for formulating the final policy.

The government has tried its best at all levels to understand the ground realities of retail trade and accordingly the policy is being designed to relieve traders from hardships, traders’ body The Confederation of All India Traders’ (CAIT), which was part of the meeting, cited Ramesh Abhishek as saying.

“Once the draft is out, it will go to the Cabinet approval in July itself and we expect the final policy to be released by the first week of September,” CAIT’s secretary general Praveen Khandelwal told Financial Express Online.

Retail trade in India is about $650 billion and is the lifeline of the economy, therefore a national retail policy is all the more necessary for smooth business activities in the country, according to Ramesh Abhishek.

As part of the deliberations, CAIT suggested that the policy should include upgradation and modernisation of the existing format of retail trade. “While the government has moved to e-system (of doing business) but only 35 per cent of 7 crore traders so far have been able to computerise their business. The government should give 50 per cent subsidy for the remaining traders to go digital,” Khandelwal said.

CAIT also sought the reviewing and scrapping of redundant laws and also reducing the number of licenses from 28 to one to do business along with a special scheme under the new policy to encourage more women to become entrepreneurs.

Ruling party BJP in its election manifesto had said that it will set-up National Traders’ Welfare Board and create a National Policy for Retail Trade for the growth of retail businesses.

CAIT also offered suggestions around having a skill council for retail trade to be formed, simplification of overall tax structure applicable on traders and tax collector status for traders, easy access to finance, subsidized bank charges on card payments, a provision of Trade Commissioner and District Trade Advisory Committee in each district of the country, special schemes to promote artisans, and formation of Trade Tribunals in each state for resolving legal business disputes between traders.

Among the associations present in the meeting included Swadeshi Jagran Manch, Laghu Udyog Bharti, Retailers Associations of India, CII, FICCI, ASSOCHAM, PHD Chamber of Commerce and Industry etc.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.