Government Proposes To Formulate Retail Trade Policy: Piyush Goyal
Piyush Goyal, India's interim finance minister, speaks during a news conference in New Delhi, India. (Photographer: T.Narayan/Bloomberg)

Government Proposes To Formulate Retail Trade Policy: Piyush Goyal

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The government has proposed to formulate a National Retail Trade Policy, and stakeholder consultations are being held for the same, Parliament was informed on Wednesday.

In a written reply in the Rajya Sabha, Commerce and Industry Minister, Piyush Goyal, said that the government has set up a National Traders' Welfare Board with the objectives of the welfare of traders and their employees, simplification of the Acts and rules applicable to traders, reduction of the compliance burden and improvement in access to funds.

"Yes, the government proposes to formulate National Retail Trade Policy," he said in reply to a question.

Replying to a separate question, he said the government is in the process of finalising a National Logistics Policy which will help bring down logistics cost significantly.

He also said 24 sub-sectors in manufacturing had been identified in consultation with industry based on export potential, import substitution and employment generation capacity, where attention would be given to make India a self-reliant country and a global supplier.

In another reply, the minister informed the Upper House that Makes in India is now focusing on 27 sectors under Make in India 2.0.

"Department for Promotion of Industry and Internal Trade is coordinating action plans for 15 manufacturing sectors, such as aerospace and defence, food processing, capital goods, leather, pharmaceutical and medical devices, etc., while the Department of Commerce is coordinating for 12 service sectors," he added.

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