Government invites suggestions on draft national retail trade policy

New Delhi, Dec 26 (KNN) With the aim to create a globally competitive and sustainable environment for the overall development of retail trade, the Department for Promotion of Industry and Internal Trade (DPIIT) is formulating a national retail trade policy.

As per reports, the DPIIT has sought views of 16 departments and ministries on its draft retail trade policy.

After getting comments of all the departments and ministries, DPIIT would seek approval of the Union Cabinet on the policy, an official said.

The primary aim of the policy is to formulate strategies for the overall development of all formats of the retail sector.

The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support; development of physical infrastructure across the distribution chain; promotion of skill development and to improve labour productivity, and providing an effective consultative and grievance redressal mechanism for the sector.

India is the world's fifth-largest global destination in the retail space.

According to a report of CII-Kearney on retail, a cohesive national retail policy can help generate 30 lakh more jobs by 2024, according to a report in the Business Standard.

The retail industry is likely to see 10 per cent annual growth to reach about USD 2 trillion by 2032, according to a BCG-RAI report.  (KNN Bureau)