The Indian government is planning to announce a national retail trade policy and an accident insurance scheme for GST-registered domestic traders, according to news agency PTI.
The policy is expected to provide better infrastructure and increased access to credit for traders, with provisions to ensure easy and affordable credit, digitisation of retail trade, modern infrastructural support for distribution chains, promotion of skill development, improved labour productivity, and effective consultative and grievance redressal mechanisms.
India is currently the fifth-largest global destination in the retail space.
According to the report, the commerce and industry ministry is working with the department of financial services to develop an insurance system for all GST-registered retail enterprises.
The Confederation of All India Traders (CAIT) has welcomed the development, stating that the policy will provide a framework for conducting retail trade.
CAIT Secretary General Praveen Khandelwal noted that retail trade is the only vertical of the economy without a policy, and the proposed policy will help the sector widen their business within definite parameters and fundamentals. Khandelwal also welcomed the insurance scheme, stating that it will recognise the significant contribution of traders to the national exchequer.
The proposed policy and insurance scheme are expected to bring much-needed reforms to the retail sector in India, providing greater support and opportunities for traders and helping to boost the economy as a whole.