New Delhi, July 26 (KNN) Central Government is planning to formulate a retail policy for balanced growth of trade, protecting the interests of small retail traders as well as organized retail, in the country, said Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu.

He was addressing a national conclave of traders in the national capital organized by Confederation of All India Traders (CAIT).

Prabhu said that he has even written to the Consumer Affairs Ministry in this regard.

He said that the government will protect the interests of small retail traders while allowing FDI in retail sector.

The Commerce Minister emphasized that size of India’s economy will double in next 8 years and touch USD 10 trillion by 2035.

The Commerce Minister said that if the size of the economy expands, trade and business is bound to benefit.

He further stated that if GDP goes up, it will mean higher trade, more employment opportunities, higher income and expenditure which will have multiplying impact on trade and businesses.

Prabhu reiterated that the government is committed to see that every district in the country grows at the rate of three percent annually and contributes to overall development of the country.

He further stated that 6 districts from 5 States have been identified for this.

Taking note of suggestion of traders for setting up a board of internal trade, Suresh Prabhu assured the delegates that he will take up the issue with the concerned Ministry.