New Delhi, May 10 (KNN) The government is in the process of formulating the much talked about National Policy for Retail Trade, a move aimed to boost growth of retail business in the country.

The task for formulating the Policy has been assigned to the Department for Promotion of Industry and Internal Trade (DPIIT).

In this regard, a Roundtable Discussion has been planned by DPIIT with all stakeholders in the national capital next week, sources told KNN India.

For this, the department has invited views from the stakeholders on National Retail Trade Policy.

In order to boost the growth of retail business in the country a need is felt to formulate a comprehensive National Policy for Retail Trade covering various dimensions relating to domestic retailing, DPIIT said in a communication to industry representatives.

Inviting the stakeholders, DPIIT said a Roundtable discussion with all stakeholders is being organised to discuss the framework, content and mechanism under the chairmanship of Secretary, DPIIT.

The Department of Industrial Policy and Promotion has been designated as the nodal department for Internal Trade and recently been renamed as ‘Department for Promotion of Industry and Internal Trade (DPIIT).  DPIIT has been assigned additional specific responsibilities for ‘Promotion of Internal Trade, including Retail Trade’, and ‘Welfare of Traders and their Employees’.

Addressing a traders’ convention organized in New Delhi last month, Prime Minister Narendra Modi had promised the traders that the BJP would formulate a National Retail Policy to boost retail trade.

The trade bodies have been saying that retail trade is crucial for growth of Indian economy and the policy should be formulated to promote trade.

Approximately, over 6.5 crore small businesses are engaged in the sector across the country. (KNN Bureau)