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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

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