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Business News/ News / India/  Govt to unveil retail trade policy and insurance scheme for GST traders soon
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Govt to unveil retail trade policy and insurance scheme for GST traders soon

The official said the proposed policy would help provide better infrastructure and more credit to the traders.

As part of the proposed national retail trade policy, a streamlined single-window clearance mechanism for traders could be established. (File Photo)Premium
As part of the proposed national retail trade policy, a streamlined single-window clearance mechanism for traders could be established. (File Photo)

The government plans to introduce a national retail trade policy and an accident insurance scheme in the near future aimed at providing support to domestic traders who are registered under GST, an official said.

As per a report by PTI, the official said the proposed policy would help provide better infrastructure and more credit to the traders.

The proposed national retail trade policy in India may include measures such as ensuring convenient and prompt access to reasonably-priced credit, promoting the modernization and digitization of retail trade, providing modern infrastructure support for distribution chains, encouraging skill development and enhancing labour productivity.

Additionally, the policy could establish an effective mechanism for consultation and grievance redressal.

India ranks as the fifth-largest global destination for retail, and both the Commerce and Industry Ministry and the Department of Financial Services are collaborating to create an insurance scheme for all retail traders registered under the Goods and Services Tax (GST) system.

"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," the official added.

As part of the proposed national retail trade policy, a streamlined single window clearance mechanism for traders could be established, along with the implementation of a centralized computerized inspection management system.

Commenting on the development, the Confederation of All India Traders (CAIT)  said the retail trade policy will certainly help the sector widen its 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.

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Published: 23 Apr 2023, 12:09 PM IST
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