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.
