New Delhi, June 13 (KNN) The Confederation of All India Traders (CAIT) in a communication sent to Prime Minister Narendra Modi has urged for a National Trade Policy for Retail Trade and a separate ministry for Internal Trade.

It has also suggested that Foreign Trade should be transferred to Ministry of External Affairs and Ministry of Commerce should be designated to look after and monitor domestic trade.

The CAIT has also suggested that MUDRA should be made as an independent regulator since loans under Mudra are yet to reach actual beneficiary.

Agreeing that e-commerce is a promising business of future, it has called for specified guidelines & Act for domestic e-commerce.

While supporting less cash society vision of Prime Minister, CAIT has suggested a mass national campaign by the Government for encouraging digital payments in the country which will put curb on shadow economy and will restrain black money.

CAIT  in association with Master Card and HDFC Bank has already launched a national campaign for less cash society since last more than one year in line with the Digital India vision, it said in a press release.

CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal said that so far the retail trade in India do not have any policy neither any individual Ministry whereas other sectors of economy like Farmers, Industries, Small Industries, Transport, Consumers, Labor, do have a policy and a designated Ministry.

“Earlier Governments are responsible for this discrimination with retail trade which needs to be corrected. Therefore, it is requested that a National Trade Policy for Retail Trade may be formulated and a separate Ministry may be constituted. Such a step will certainly usher into structured growth of retail trade in India and will accelerate the economy and GDP which seems to be under rated. It is suggested that appropriate directions may be given to NITI Aayog for formulating such policy,” said both Bhartia and Khandelwal.

CAIT has termed MUDRA Yojna as a landmark initiative taken by any Government for first time post-Independence for financial inclusion of small businesses but it is yet to reach actual beneficiary.

CAIT has urged PM to direct Department of Financial Services, Ministry of Commerce to accelerate draft of law for making MUDRA as an independent regulator and Non-Banking Finance Companies, Micro Finance Institutions, Trust & Societies may be brought under MUDRA on large scale and lending to last mile borrower may be made through them.

In fact, each Bazar in the Country should have a MUDRA franchise to grant benefits of your great initiative, CAIT suggested. (KNN Bureau)