The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of 16 departments and ministries on its draft national retail trade policy. The DPIIT is also working on formulating a national e-commerce policy to promote the growth of the online retail sector.
India is the world’s fifth-largest global destination in the retail space. According to a BCG-RAI report, the retail industry is likely to see 10 per cent annual growth to reach about US $ 2 trillion by 2032.
The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for overall development of retail trade through targeted efforts, is aimed at overall development of all formats of the sector. Once the DPITT get comments of all the departments and ministries, it would seek approval of the Union Cabinet on the policy.
As per reports, the policy will insure easy and quick access to affordable credit, facilitate modernisation 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 improvement of labour productivity, apart from providing an effective consultative and grievance redressal mechanism for the sector.
The media reports quoted a government official saying that a new industrial policy is also on the anvil and this will be the third industrial policy after the first in 1956 and the second in 1991.
