Home / Knowledge / News / Textiles / CAIT moots Internal Trade Ministry
CAIT moots Internal Trade Ministry
30
Dec '15
The Confederation of All India Traders (CAIT) has called for integration of domestic trade to boost the economy and has urged for the formation of a separate Ministry of Internal Trade to monitor domestic trade. In a letter to the Prime Minister, CAIT has also suggested that foreign trade may be put under the domain of Ministry of External Affairs instead of the Commerce Ministry which now oversees foreign trade.

CAIT said that although domestic trade is largest contributor to the national economy contributing nearly 45 per cent national GDP and largest employment generating sector after agriculture with more than 5.77 crore business enterprises, yet it is fragmented. India can attain double digit growth if support policies are framed for domestic trade.

Different verticals of domestic trade including brick and mortar shops, e-commerce, direct selling, wholesale, cash and carry stores and big retail needs to be integrated in a manner that one vertical should not encroach upon domain of another. For regulating the integrated model, a separate Ministry of Internal Trade may be formed, CAIT said in the letter.

It further said that existing retail sector may be upgraded under the Digital India programme. While skills of entrepreneurs may be enriched under Skill India through workshops, small manufacturers be prompted to embrace technology under Make in India programme and the financial inclusion of this sector may be attained under Pradhanmantri Mudra Yojna in partnership with Trade Federations & Associations across the country. The CAIT has also suggested a drive to launch a cashless economy drive in domestic trade. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search