In order to ensure orderly growth of the fast-growing sector, the government is mulling a national policy on retail trade. The commerce and industry ministry has written to the department of consumer affairs to set up a task force for framing the policy. In a letter to Consumer Affairs, Food and Public Distribution Minister Ram Vilas Paswan, Commerce and Industry Minister Suresh Prabhu said the task force should have representations from different stakeholders.
Retail trade is crucial for growth of Indian economy and the policy should be formulated to promote trade without sacrificing the interest of consumers. As the Consumer Affairs Ministry is the nodal agency for regulating internal trade, it is already in the process of formulating guidelines on e-commerce and hence it would be appropriate for the ministry to come out with norms for retail trade. The commerce ministry should also take on board state governments while framing the policy norms as retail trade is also governed by the Shops and Establishment Act.
The matter assumes importance as traders’ body Confederation of All India Traders (CAIT) has written to Prime Minister Narendra Modi seeking a national policy for retail trade and formation of a separate ministry of internal trade. It also claimed that these steps will not only strengthen the domestic trade but also improve export performance of the country. According to them, over 6.5 crore small businesses are engaged in the sector across the country thereby strengthening the economy.