In news– The Department for Promotion of Industry and Internal Trade (DPIIT) has sought the views of 16 departments and ministries on its draft national retail trade policy recently.
About the policy-
- It is aimed at the overall development of all formats of the sector.
- The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for the overall development of retail trade through targeted efforts.
- The objectives of the policy include
- Ensuring easy and quick access to affordable credit.
- Facilitating modernization and digitisation of retail trade by promoting modern technology and superior infrastructural support.
- Development of physical infrastructure across the distribution chain.
- Promotion of skill development and improve labour productivity.
- Providing an effective consultative and grievance redressal mechanism for the sector.
- The government plans to put in place a single window clearance mechanism to acquire all registrations, licences or clearances for retail trade, and a Centralised Computerized Inspection Management System for inspections of retail entities.
- The draft also proposes an Accident Insurance Scheme for Traders to protect them from any untoward incidents besides setting up Traders Welfare Board at national, state and district levels.
- The policy is not intended for e-commerce, direct selling, multi-level marketing or street vendors and the government intends to provide a national common framework for development of retail sector across the country through it.
- As per the draft policy, efforts will be made to replace licenses with a simple registering process and panIndia acceptance of a license issued by one state will be encouraged.
- The department has suggested review of eight laws including trade License, Insecticides Act, 1968, Consumer Protection Act, 2019 and License for Drugs Drugs and Cosmetics Act, 1940 to reduce the compliance burden and decriminalise minor technical or procedural offences.
- According to the draft, the government will promote indigenous manufacturing of retail related modern fixtures, digital equipment, devices and solutions and management tools while retailers will be encouraged to adopt the Open Network for Digital Commerce.
- India is the world’s fifth-largest global destination in the retail space.
- A cohesive national retail policy can help generate 30 lakh more jobs by 2024.
- The retail industry is likely to see 10 per cent annual growth to reach about USD 2 trillion by 2032.