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DPIIT SEEKS VIEWS ON THE DRAFT NATIONAL RETAIL TRADE POLICY

Current Affairs

  • The Department for Promotion of Industry and Internal Trade (DPIIT) has circulated the draft National Retail Trade Policy (first prepared last year) to 16 ministries and departments seeking their comments.
  • The policy will be placed before the Union Cabinet for its approval after receiving the views from these ministries and departments, according to DPIIT.
  • The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for the overall development of retail trade through targeted efforts.
  • The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support; developing physical infrastructure across the distribution chain; promoting skill development and improving labor productivity, and providing an effective consultative and grievance redressal mechanism for the sector.
  • India is the world’s fifth-largest global destination in the retail space.
  • According to a report of CII-Kearney on retail, a cohesive national retail policy can help generate 30 lakh more jobs by 2024. The report was released in November 2020.
  • The retail industry is likely to see 10 percent annual growth to reach about USD 2 trillion by 2032, according to a BCG-RAI report.

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