The Union Government may soon consider adopting a three-pronged approach to revitalise domestic retail and wholesale trade. The three-pronged approach includes (i) Establishing a regulatory body for national internal trade (retail and wholesale) (ii) Comprehensive domestic trade policy and (ii) Board for Internal Trade.
Domestic trade mainly comprises non-corporate small businesses providing employment to an estimated 460 million people. Currently, there is no single regulatory body or Ministry for such six crore small businesses in the country that have collective annual turnover of around Rs. 30 lakh crore. The current approach policy regime and the environment is considered only conducive for foreign retail giants and their Indian partners or counterparts.
The proposed three-pronged policy approach will address need of these small businesses with an aim to generate employment, improve financial inclusion of small traders. It will also ensure ease of doing business by eliminating multiplicity of approvals, improve competiveness of economy and boost overall demand to boost growth. Besides, the new strategy will also help to link Central Government’s flagship initiatives such as Digital India, Skill India and Make In India with these small businesses.