Govt to announce national retail trade policy,
accident insurance scheme for GST-registered traders
soon
The government is likely to announce a national retail
trade policy and an accident insurance scheme for
GST-registered domestic traders soon, reported PTI,
citing an official.
The policy is aimed at
providing better infrastructure and more credit to the
traders.
The policy is likely to include provisions related to
ensuring easy and quick access to affordable credit,
facilitating modernization and digitisation of retail
trade; modern infrastructural support for subjects like
distribution chain; promotion of skill development and
improving labour productivity, and providing an
effective consultative and grievance redressal
mechanism.
India is the world's fifth-largest global destination in
the retail space. The commerce and industry ministry
along with the department of financial services is also
working on framing an insurance scheme for all the
GST-registered retail traders.
"The government is trying to do policy changes not only
in e-commerce but is also bringing a national retail
trade policy for physical traders which will be
introducing ease of doing business, providing better
infrastructural facilities, providing more credit and
all sorts of benefits to traders," reported PTI, citing
the official.
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Under the proposed policy, a single window clearance
mechanism for traders may be developed, besides a
centralised and computerized inspection management
system.
Commenting on the development, Confederation of All
India Traders (CAIT) said the retail trade policy will
certainly help the sector widen their business as it
will have definite parameters and fundamentals within
which the retail trade would be conducted.
Retail trade is the only vertical of the economy which
does not have a policy so far, CAIT Secretary General
Praveen Khandelwal said.
"Likewise, awarding an insurance scheme to traders will
recognise their magnificent contribution to the national
exchequer," he said.
Source::: THE ECONOMIC TIMES,
dated 23/04/2023.
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