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Indian Trade & Commerce will be leveraged with National Retail Policy

Updated: Jul 16, 2019 06:14:27am
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Indian Trade & Commerce will be leveraged with National Retail Policy

New Delhi, July 16 (KNN) The Confederation of All India Traders (CAIT) has complimented Prime Minister Narendra Modi and Commerce Minister Piyush Goyal for speeding up the draft of first National Retail Policy which is about to be released by Department for Promotion of Industry and Internal Trade (DPIIT) very soon.

The policy will encourage structured growth of trade & commerce in India which has a huge potential to grow and there is a need to just exploit the resources of domestic trade, said CAIT.

CAIT National President B.C.Bhartia & Secretary General Praveen Khandelwal said that business community across the country is eagerly awaiting the draft of National Retail Policy which is certainly going to provide much desired support to domestic trade.

They said that since independence domestic trade was never on priority of any government and as such it has grown in the country on its own. The retail trade in India generates an annual turnover of Rs 650 billion dollars that is approximately Rs 45 lakh crore per year.

It is for the first time that the Modi government has realized the important role of trading community in economy and as a result of which the National Retail Policy is about to be rolled out. The CAIT has in forefront since last five years stressing the need of such policy to strengthen retail trade of India.

Also they said that major contours of the policy could be support policies for self-sustained growth of retail trade, up gradation and modernization of retail trade, one license instead of numerous licenses, district level Committees with officials and trade representatives for smooth conduct of business activities etc.

The Retail policy will prove to be a game changer setting out certain parameters and modalities under which retail trade in the Country will operate. About about 7 crore traders in the country are part and parcel of domestic trade and rendering magnificent contribution to national exchequer.

The retail sector has so far managed itself and if this sector is given a policy, it will have unprecedented growth. The retail sector has mainly four verticals small retail, corporate retail, e-commerce and direct selling.

The policy will be a bridge between these four verticals and will lead to comprehensive growth and will also promote exports by SME sector which will be a gain for balance of trade in the country, they added.

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