The thrust of the suggested new policy on the welfare of traders is an intriguing aspect.
After the implementation of this strategy, the cost of daily necessities will be under control.
For the development of the country’s retail industry, the central government is coming out with a National Retail Trade Policy and an E-Commerce Policy. After the implementation of this strategy, the cost of daily necessities will be under control. Also, it would be easier for traders to borrow additional money from the bank faster. Those associated with small businesses, such as grocery stores and brick-and-mortar businesses, will especially benefit from the policy.
“This will also help in providing better infrastructure facilities and easier credit for small retail dealers in the streets,” said Sanjeev Singh, Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT). Additional credit to traders and better infrastructure. Apart from this, the department is also planning to develop an e-commerce policy for online shops.
He claimed that DPIIT is also trying to develop an e-commerce policy for online merchants. Speaking at an event organized by industry group FICCI, Sanjeev said, “We feel there should be synergy between e-commerce as well as retail dealers. The thrust of the suggested new policy on the welfare of traders is an intriguing aspect. The draft includes provisions for accident insurance as well as a pension plan for business owners, independent contractors and traders. A national body has also been suggested for the welfare of traders.
The government’s Open Network for Digital Commerce (ONDC) initiative, according to Sanjeev, will transform the entire e-commerce ecosystem and end the hegemony of the e-commerce giants. Reliance Retail director Subramaniam V claims that the Indian retail market is the fastest growing in the world and will reach $2 trillion by 2032. According to him, the unorganized sector is expected to contribute around 87% of the estimated $844 billion of the market in 2022. ,
Due to its low volume and lack of financial resources, the unorganized sector, according to Subramaniam, is severely fragmented and lacks contemporary infrastructure and technology. According to him, the region needs to create an environment that supports equitable and sustainable development.
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