Indian Government Is Preparing A National Retail Trade Policy

The Department for Promotion of Industry and Internal Trade (DPIIT) joint secretary, Sanjiv, said on Monday that the government is putting together a national retail trade policy to give brick-and-mortar shops a business-friendly environment, modern infrastructure facilities, and simple access to credit.

The goal of the policy is to create an environment that is both globally competitive and sustainable for the overall growth of the retail trade.

He stated that the DPIIT is also attempting to develop an e-commerce policy for large retailers. At a party organised here by industry body Ficci, Sanjiv stated, "We want that there should be a synergy between e-commerce as well as retail traders," 

For all of the retail traders, the department is also putting up an insurance programme. The accident insurance scheme would benefit small business owners.

The proposed national retail trade policy's primary goal is to facilitate the modernization and digitization of retail trade as well as to streamline its growth across all formats.

The aim of the policy is to promote skill development, increase labour productivity, and enhance physical infrastructure throughout the supply chain.

The suggested new policy's emphasis on traders' welfare is an intriguing aspect. The draft includes provisions for accident insurance as well as pension plans for business owners, independent contractors, and traders. A national body for traders' welfare has also been suggested.

According to Sanjiv, the government's Open Network for Digital Commerce (ONDC) initiative will transform the entire e-commerce ecosystem and end the hegemony of the e-commerce giants.