New Delhi, 23 April (Hindustan Times). The central government may soon announce the National Retail Trade Policy and Accident Insurance Scheme for traders registered under the Goods and Services Tax (GST). An official associated with the ministry gave this information today.
The official said that with this policy, better infrastructure would be available to traders and they would also be able to take more loans. The policy may have provisions for cheaper and easier credit, modernization and digitization of retail trade, modern infrastructural support for the distribution chain, skill development and improvement in labor productivity, effective counseling and grievance redressal mechanism.
Remember, India is the world’s fifth largest destination for retail globally. Currently, the Ministry of Commerce and Industry is also working on an insurance scheme for GST registered retail traders in collaboration with the Department of Financial Services.
Praveen Khandelwal, general secretary of traders’ organization Confederation of All India Traders (CAT), has said that the retail trade policy will definitely help this sector. At present, retail trade is the only sector of the economy for which there is no policy. The insurance scheme will recognize their contribution to the economy.
