Government likely to announce Retail Trade Policy; Accident Insurance Scheme for GST registered Traders soon

An official said the government plans to release a national retail trade strategy and an accident insurance scheme soon to help GST-registered domestic firms.

According to the official, the proposed strategy will assist give better infrastructure and more financing to businesses.

It may include provisions for ensuring easy and quick access to affordable credit, facilitating modernization and digitisation of retail trade, modern infrastructural support for subjects such as distribution chain, promoting skill development and improving labour productivity, and providing an effective consultative and grievance redressal mechanism.

In terms of retail, India is the world’s fifth-largest worldwide destination. The commerce and industry ministry is also working with the department of financial services to develop an insurance policy for all GST-registered retail traders.

“The government is attempting policy changes not only in e-commerce but also in physical traders, which will introduce ease of doing business, better infrastructural facilities, more credit, and a variety of other benefits to traders,” the official added.

A single window clearance mechanism for dealers, as well as a centralised and computerised inspection management system, may be developed under the proposed policy.

The Confederation of All India Traders (CAIT) commented on the news, saying that the retail trade policy will undoubtedly assist the sector expand their company because it will have set criteria and fundamentals within which the retail trade will be conducted.

According to CAIT Secretary General Praveen Khandelwal, retail commerce is the only sector of the economy that lacks a policy. “Similarly, providing traders with insurance will recognise their tremendous contribution to the national exchequer,” he said.