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Traders want modernization in retail business format; survey

Traders want modernization in retail business format; survey
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First Published: Sun, Jul 13 2008. 05 23 PM IST
Updated: Sun, Jul 13 2008. 05 23 PM IST
PTI
Bangalore : Small traders are in favour of converting the traditional retail into a modern format and expects the government to pave the way by providing financial assistance and rationalising the tax structure, a survey said.
The internal survey commissioned by the Confederation of All India Traders (CAIT) in 18 cities, revealed 82% of the traders were inclined to transform their traditional business format by upgrading the existing structure.
About 94% opined government should initiate steps to form a national trade policy for small retailers and bring reforms in the taxation structure and other law governing trade, a release quoting the study said.
Nearly 87% of traders said retail trade should be placed under priority sector advances under the present banking system to make it feasible for the banks to extend financial assistance to traders without much paper work.
About 80% wanted primary focus of government in providing infrastructural facilities in commercial markets.
India has the highest density of retail outlets in the world, for every 1,000 people there are 15 retail outlets. The overall retail market size in India is estimated to be Rs 15 lakh crore. About three per cent of the retail trade is the organised sector and the balance 97% is unorganised.
The size of the market is expected to exceed Rs 20 lakh crore by 2010, it said.
CAIT Research Trade Development Board (CRTB) conducted the survey between April-June 2008 with a sample size of 7,643.
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First Published: Sun, Jul 13 2008. 05 23 PM IST